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CryptoNews

Author: StanNordFX   |   Latest post: Wed, 20 Jan 2021, 11:21 AM

 

CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 20 Jan 2021, 11:21 AM



- Bitcoin has proven to be the most profitable asset in the past nine years due to constant fluctuations in value. According to experts, in this case it is not only about a direct increase in the price of cryptocurrency. Even when the coin sinks, it benefits traders who buy it at the price lowest for a certain period.
“Currently, the base coin is trading at $35,000. If everything develops in about the same direction, then in February it will be possible to see bitcoin for $45,000 or even more,” predicted the head of Pantera Capital investment company Dan Morehead, and at the same time he advised traders and other industry participants to be reasonable, since bitcoin has always been unstable. Even against the backdrop of the rally that began in December last year, the asset continues to remain risky, which is well understood by all experienced coin holders.

- JPMorgan Chase strategists, led by Nicholas Panigirtzoglou, believe that bitcoin could lose ground in the short term if it fails to break above $40,000. This month, the flagship cryptocurrency has twice broken through this key level, and then rolled back.
The key to the short-term outlook for bitcoin's price is the world's largest digital asset management company Grayscale Investments, with a crypto portfolio currently valued at $23 billion, analysts say. "For such a breakthrough to occur, the Grayscale Bitcoin Trust will likely need to maintain an inflow rate of $100 million per day over the coming days and weeks." However, if BTC still fails to hit the $40,000 mark, a deep correction can be expected.

- After a deal to sell cryptocurrency, a Hong Kong resident was robbed of $448,700. This is reported by news agency South China Morning Post. The buyer of the digital currency invited the trader to the office of ashopping center to carry out the transaction. She transferred USDT tokens and received HK $3.5 million in cash. After the transaction, three men ran out of a nearby room and, threatening with a knife, took away the victim's money and the smartphone. The woman was locked up, and all four "buyers" fled.
Interestingly, the victim had already conducted several successful transactions with this buyer. According to police, in this way the criminals won the trust of the victim.

- Billionaire Howard Marks, co-founder of Oaktree Capital Group, has significantly changed his attitude towards bitcoin. Earlier, Marks stated that investing in cryptocurrency is a very dangerous operation that can cause huge losses for large investors. In 2017, during the bitcoin rally, he advised to refrain from buying coins. In addition, he called cryptocurrencies "fake" and said they had no real value.
And now the billionaire says that his "skeptical views on cryptocurrency assets have not been confirmed." “Let's hope,” Marx wrote, “that events will continue to develop as actively as they are now. The cryptocurrency market is gradually emerging from the shadow sector, as evidenced by a large number of major investors. I think it still has real value. My family owns an impressive number of bitcoins, which I support at this stage.”

- According to the online edition Forklog, a "biblical message" was found in the bitcoin block No.666666. “Do not be overcome by evil, but overcome evil with good,” says the Epistle to the Romans of the Apostle Paul, chapter 12, verse 21. An unknown person added this quote from the sixth book of the New Testament to block # 666666 of the bitcoin network and sent two equal amounts in the first cryptocurrency to two addresses, the first characters of which contain the words "God" and "Bible" in English.

- The former CEO of the now defunct South Korean cryptocurrency exchange Coinnest was sentenced to 18 months in prison. It is reported by Bitcoin.com with reference to local media.
According to the case file, ex-director Kim Ik Hwang received a bribe of 110 BTC ($770 thousand at that time) in February 2018 for listing the S-coin, which was issued by K Group. Subsequently, 2 million S-coins with a total value of $125,500 were also credited to his account.
Although the defendant pleaded not guilty, the Supreme Court sentenced Kim to one and a half years in prison for commercial bribery and fined him over $61,000. “Hwang manipulated market prices and gained unreasonable profit for it. Such actions undermine confidence in the crypto industry, which means they are unacceptable," the prosecutor said.

- 2020 has turned out much better for long-term investors than the previous year. The market capitalization of 30 key assets of the cryptocurrency market grew by 308% (versus 62% in 2019), according to a report from CoinGecko. Among the five largest coins, bitcoin has shown the best results, having risen in price by about four times (in 2019 - by 95%). Ethereum looked even better, its price rose by 472% after near-zero dynamics over the previous 365 days. Portfolios with DeFi protocol tokens gained 718% on average.

- Scott Meinerd, investment director at Guggenheim Partners, compared the current situation with what happened to the economy after the Spanish flu epidemic in 1918. At the same time, he confirmed his forecast for the bitcoin rate at $400,000 but warned of a possible correction.
According to the specialist, the latest rise in the BTC rate could have been caused by retail investors. “I think it's about them. There is some speculative frenzy in the market. It may be worth withdrawing some of the funds from cryptocurrencies,” Minerd said.

- A startup in the field of cybersecurity Red Balloon Security from New York (USA) as a test task sends applicants to vacant places a hard drive with locked bitcoins worth about $5 thousand and several boxes of chocolates.
In a week, the applicant needs to get access to the cryptocurrency wallet. If successful, part of the funds must be spent on buying a ticket to New York in order to meet with a representative of Red Balloon Security. Anyway, one can keep the chocolates.
The company sends such packages to almost everyone, but at the same time it regularly changes the content of the test so that applicants cannot share their results on the Internet. Statistics show that for 150-200 people there is only one applicant who has successfully completed the task.

- One of the world's largest investment banks, Goldman Sachs, is exploring the possibility of launching a custodian service for digital assets. This is reported by CoinDesk with reference to its own source within the bank. “Like JPMorgan,” the source said, “we have released an RFI for digital storage. We are studying the issue extensively and deciding what to do next. " Regarding the timing of the launch of services related to cryptocurrencies, the source replied that the bank's plans "will become apparent in the near future."


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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 13 Jan 2021, 10:45 AM



- Mike McGlone, crypto analyst at Bloomberg, believes that bitcoin could hit the $50,000 mark in the near future. He gave a forecast a few months ago, according to which BTC was supposed to grow to a new historical high in December 2020, which eventually did happen.
“The main cryptocurrency already hit the $40,000 mark in early January but pulled back slightly due to a number of external factors,” Mike McGlone commented on his forecast. - There is an opinion that the general situation in the financial market affected the value of the main coin. The United States is currently not in the best position due to fluctuations in the dollar, which is why investors are switching to cryptocurrency from fiat. The capitalization of the main coin is tending to record values. I think the asset will take the 50k barrier soon.” Moreover, according to еру Bloomberg specialist, the chances for growth are much greater than for further weakening of the exchange rate. According to him, a rollback to $20,000 is now practically impossible.

- According to Bitcoin Treasures, large public companies acquired more than 1 million BTC (5.57% of the cryptocurrency market supply) last year, with a current value of about $40 billion. One of the most active institutional investors in 2020 is the world's largest crypto fund, Grayscale Investments, which manages about 600 thousand BTC, and the total value of its crypto assets is estimated at $24.5 billion (as of January 11, 2021).
Another major institutional investor is Nasdaq-listed mobile software company MicroStrategy. It has invested $1.12 billion in bitcoin over the past six months as a risk hedge and now it owns more than 70 thousand BTC.

- We wrote in the previous CryptoNews that it was 12 years ago, on January 12, 2009, that the creator of Bitcoin, known by the nickname Satoshi Nakamoto, sent the first transaction on the bitcoin network to the developer Hal Finney. Unlike Satoshi, much more is known about this recipient of the cryptocurrency.
Hal Finney partnered with PGP Corporation for many years, developing encryption products. Six months before his death in August 2014, Finney described his first experience with bitcoin:
“When Satoshi released the software, I immediately connected. I think I was the first person besides Satoshi to launch bitcoin. In total, I mined 70-odd blocks and became the recipient of the first bitcoin transaction. " At that time, Satoshi sent ten coins for the test. Over the next few days, Finney corresponded with the creator of bitcoin by email, helping to troubleshoot errors.
Describing his experience, the developer regretted his initially low interest in bitcoin. After helping with network testing and his first mining experience, Finney simply turned off the computer "because it was warming up and ha was annoyed by the fan noise."
The next time the developer returned to Bitcoin was in 2010, when Laszlo Heinitz bought two pizzas for 10,000 BTC and the cryptocurrency was first exchanged for dollars. 'I blew the dust off my old wallet and was relieved to find that my bitcoins were still in place. My children are technically savvy enough for me to leave cryptocurrency to them inherit,” the developer wrote.
According to Finney, the identity of Satoshi remained a mystery to him, although he assumed that he was dealing with "a young man of Japanese descent, very intelligent and sincere."

- Forbes magazine has compiled a list of people whose fortunes have grown significantly due to the rise in the price of cryptocurrencies. In first place are the founders of the bitcoin exchange Gemini, the Winklevoss brothers. The estimated value of their cryptocurrency assets, according to Forbes, is about $1.4 billion each.
Bloq co-founder Matthew Roszak with $1.2 billion in digital assets ranks second, followed by venture capitalist Tim Draper. According to Forbes, the value of his assets is estimated at $1.1 billion.
In fourth place is the head of MicroStrategy, Michael Sailor, with assets worth $600 million, in fifthis the founder of the crypto bank Galaxy Digital Mike Novogratz. Forbes valued his cryptocurrency assets at $478 million.
The last on the list is the co-founder of Ethereum Vitalik Buterin with assets worth $360 million.

- A discussion broke out online between billionaire Mark Cuban and the president of Euro Pacific Capital, Peter Schiff. The former expressed confidence in the ability of bitcoin and some altcoins to pass the “market bubble” similar to the way Amazon, eBay and Priceline experienced the dotcom boom.
Gold supporter Peter Schiff replied to this that “internet companies had real value, while no cryptocurrency has it.”
Cuban countered that the price of cryptocurrency, like gold, is determined only by supply and demand. “This is a means of saving value. There is no real use in bitcoin. All the talk of fiat and depreciation is advertising fiction. Bitcoin is not meant for transactions,” added the billionaire.

- Bitcoin trading on the PayPal platform is gaining popularity: trade volumes have increased by 950% since the beginning of January, that is, almost 10 times. According to the analytical service Nomics, platform users made transactions with BTC for just $22.8 million on January 01, 2021, and their volume amounted to $242 million on January 11, which indicates an increase in interest from retail investors.
While many praise PayPal for providing access to cryptocurrencies, others criticize the platform for not supporting cryptocurrency withdrawal functionality. That is, PayPal users who buy bitcoin on the platform can only sell it there.
As a reminder, the ability to trade cryptocurrencies on PayPal appeared in November 2020. While the function is only available to users from the United States, in the future the company plans to provide access to it to residents of other countries.

- Ethereum is poised for further growth, said Dan Tapiero, founder of the DTAP Capital investment fund. This is evidenced by the interest on the part of institutional clients of the American financial holding Northern Trust. In partnership with Standard Chartered bank, the holding company launches a service for storing cryptocurrencies. And "if Northern Trust stores bitcoin and ethereum, then they have buyers for both assets," Tapiero substantiated his point of view.

- Changpeng Zhao, CEO and founder of the largest crypto exchange by trading volume, Binance, said that at one time he had sold his apartment to buy the first bitcoins. “It was 2013. I sold my apartment to buy bitcoins. The price of BTC at that point was something around $200,” he recalls. “Now I do not use fiat money at all and do not transfer cryptocurrency to fiat. For me personally, fiat is no longer relevant. I pay for food, taxi, and in general I pay for everything exclusively with cryptocurrency, "added the head of Binance.

- Seventy-year-old investor Bill Miller expressed the opinion that the first cryptocurrency has far from exhausted its growth potential. Firms like Square and PayPal buy freshly mined bitcoins every day, he said. Demand from retail investors is also growing. At the same time, in contrast to demand, the supply of digital gold increases slowly. This situation creates the prerequisites for the increase in the price of bitcoin to new heights.
Miller added that while people speculate about where the price peak is, the Fed's zero interest rate policy puts cash in a "guaranteed losing position." This means that holding 1–2% of a portfolio in bitcoin is a good hedge against risk, even if the cryptocurrency eventually crashes. “I think that owning a small number of bitcoins is more of a risk management strategy than anything else,” the American investor emphasized.


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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 6 Jan 2021, 10:53 AM



- The rise in the bitcoin price in recent months has shown that the first cryptocurrency can rise in price to $100,000 per coin, said the head of the American division of Binance Catherine Coley. In her opinion, this growth can be “accelerated” compared to what happened after the second halving in 2016. “We thought the $50,000 price was reasonable, but that number will definitely be slightly higher. I think that by the end of 2021 we will reach $75,000 - $100,000 per bitcoin,” the CEO of Binance.US believes.
More daring predictions for the BTC rate were made by Insider co-founder Henry Blodget and the CEO of the Kraken bitcoin exchange Jesse Powell: both named $1 million per coin. However, the former believes that this will happen thanks to speculators, while the latter relies on the growth of institutional investments in cryptocurrency.

- Investment bank JPMorgan has named a theoretical long-term target for the bitcoin price of $146,000. The millennial generation will drive adoption, JPMorgan says.
Experts believe that the image of an alternative to gold will make the first cryptocurrency even more popular. But this requires convergence of the volatility indicators of bitcoin and gold, and this is a "multi-year process."
JPMorgan's forecast is based on calculating the possible capitalization of bitcoin in the event of an inflow of funds, which are now in ETFs based on gold and in bullions. At the same time, analysts noted that already in October 2020, some outflow of funds from such ETFs and an inflow into Grayscale funds were recorded.

- Popular analyst Willie Woo believes that bitcoin is firmly entrenched above $20,000. In his opinion, we will no longer see the pullback of the cryptocurrency below this psychological mark.
Of particular importance is also the level of $24,000. After bitcoin crossed this milestone, it became clear that the market finally came under the control of investors who are inclined to long-term storage of cryptocurrency. If the coin keeps above $24,000, the number of its buyers will continue to grow.

- Analytics of Twitter posts show that as bitcoin sets new highs, social media interest in the digital currency is also setting new records. So, the number of unique messages about Bitcoin has reached 66,832, exceeding the previous high of 64,652 set during the 2017 bull run.

- The rise of bitcoin to $35,000 in recent days has led to the re-formation of the so-called "kimchi premium", which consists in the excess of the price of cryptocurrencies over the world ones on Korean exchanges. The overpayment rate on January 4 reached 5.5%.
Such an excess of prices on some exchanges over others was especially typical for the first half of 2018, when the difference reached 54%.
According to a number of analysts, the current price dynamics indicates an increased interest in cryptocurrency among South Koreans. This is due not only to expectations of further growth in BTC, but also to the fact that the Korean won is a restricted currency that is difficult to convert and move across the border.

- Luxurious and exclusive sports cars are increasingly being bought for bitcoins, which indicates an increase in the number of crypto millionaires. For example, the Vegas Auto Gallery in Nevada, whose sells aming other makes Aston Martin, Bentley, Ferrari and Lamborghini brands, has recently sold two first-class sport cars to customers, at over $6 million worth in BTC.

- December 2020 has proven to be the most successful for bitcoin miners in the past three years. They earned $ 692 million last month, according to a report from analytical service Block Research. Of this amount, about $63 million were transaction fees. But many miners are willing to pay so much high fees, if only their operations were processed as a priority.

- Chinese online game operator The9 announced its intention to join the cryptocurrency mining industry. To this end, it entered into agreements with several investors, including former executives of the Chinese mining company Canaan Inc.
The9 is listed on the Nasdaq stock exchange and expects to raise new capital by issuing and selling common Class A shares to investors, as well as coupons for their purchase. “Our goal is to collect enough mining devices to provide 8-10% of the global bitcoin hash rate, 10% of the global Ethereum hash rate and 10% of the global Grin hash rate,” said Jun Zhu, CEO of The9. - We intend to become one of the largest companies in the world in terms of hash rate. This will accelerate the development of other areas of our business related to cryptocurrencies.”

- On January 3, 2009, a person or group of people under the nickname Satoshi Nakamoto launched the main Bitcoin network, mining a genesis block with 50 BTC. Shortly before that, on October 31, 2008, the white paper of the first cryptocurrency was published. The first bitcoin transaction took place on January 12, 2009: Satoshi Nakamoto then sent 10 BTC to Hal Finney. A version of Bitcoin_0.1 software was published three days earlier.
Satoshi Nakamoto's identity and the motives for creating bitcoin still remain a mystery. It is possible that one of the incentives for this was the global financial crisis that broke out in 2007-2008.
In July 2020, the Whale Alert Twitter account showed information that well before Nakamoto left the crypto community more than ten years ago, he managed to mine 1,125,150 BTC. Now the cost of these coins would be about $40 billion.


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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 30 Dec 2020, 11:17 AM



- Many experts agree that the value of bitcoin may reach $30,000 in the very near future. According to experts, the reason for this is the increased activity of "whales", who continue to make impressive investments in the cryptocurrency industry.
Experts from the analytical company CryptoQuant say that large investors are trying to keep funds in hardware wallets or distribute them between different platforms. The head of CryptoQuant, Ki-Young Joo, noted that this practice is being applied in the stock markets in anticipation of a major breakthrough. “I think that after the spurt [up to $ 30,000] there will be a pullback, the scale of which is very difficult to predict,” says Ki-Young Joo.
According to Vijay Ayyar, one of the top managers of the Luno crypto exchange, such a correction will be no more than 15%, after which bitcoin will face another growth.

- Investor Dennis Hartman, also known as the "king of assets", said in an interview with Bloomberg that bitcoin could become the so-called "millennial gold." According to the specialist, he does not support cryptocurrency assets, however, he considers them to be the main prospect for the future.
According to the financier, central banks around the world will increase their control over digital currencies. Therefore, even if bitcoin remains a fully decentralized unit, it will only be allowed to circulate locally when centralized.
Also, according to Hartmann, despite the prospects for the main cryptocurrency, it may even collapse to zero. This will happen against the background of the introduction of industry regulation in the world community. Due to a number of restrictions, investors will simply stop investing in bitcoin, which will first affect its capitalization, and later on the value.

- The founder of the crypto bank Galaxy Digital, Mike Novogratz, noted on CNBC the strong position of bitcoin in the face of pressure from the current Trump team, which has not been able to stop the record growth of the main cryptocurrency.
In addition, the head of Galaxy Digital expressed the hope that financial regulators under the leadership of President-elect Joe Biden will take a more loyal stance towards cryptocurrencies. “I hope that after the inauguration [January 20, 2021] we will get more progressive regulators. I will be happy to wait for the new administration and get a regulatory framework that supports rather than fights cryptocurrencies,” said Novogratz.

- The most secure strategy for investing in cryptocurrencies in 2021 will be the purchase and storage of a small portfolio of bitcoins and etheriums. This was stated by the head of the digital assets department of the Swiss online bank Swissquote Chris Thomas. In his opinion, these coins have long-term development potential.
In addition, a new form of digital money will appear in 2021, CBDC (Central Bank Digital Currency). According to the expert, one of the first countries to introduce such a state digital currency will be China. In Europe, Sweden can become such a country due to the high acceptance rate of such assets.

- Bitcoin miners' income has increased by 185% since the May halving. And now, according to the estimates of the analytical service Glassnode, the total earnings of all miners in the world is about $1 million per hour.
The experts noted that the last time miners earned so much from mining bitcoin was in July 2019. Then the coin traded in the range from $9k to $11k. But at that point, the BTC mining award was twice the current one.

Almost 20% of Australians own digital currencies at the moment, according to a survey conducted by the Independent Reserve crypto exchange. At the same time, more than 90% of respondents said that they knew about the existence of bitcoin and other virtual coins. Bitcoin turned out to be much more popular than any of the altcoins, among which respondents noted ETH, EOS, XRP and LTС.
As in the past year, the largest share of cryptocurrency holders is among people aged 25 to 34.

- Dan Morehead, CEO of Pantera Capital investment company, speaking on CNBC, called the limited supply of bitcoin as a key driver of growth in the value of this cryptocurrency. Currently, giants like PayPal and Grayscale are buying more BTC than bitcoin miners can mine. “When we see that there are large institutional investors, each of whom buys more than 100% of the current issue of such assets, it pushes the price up,” explained Dan Morehead.
The market is nine weeks away from seeing bitcoin at $115,000, according to an estimate in December investment analytics from Pantera Capital.

- The world's largest crypto fund Grayscale published a report last Friday, which shows that the total amount of funds in the cryptocurrency under its control has reached $16.3 billion.
Analyst Kevin Rooke noted that this giant continued to buy up bitcoins even amid the recent consolidation of the crypto market. This clearly indicates that Grayscale is set for a long-term growth in the value of the largest digital currency.
At the moment, Bitcoin and Ethereum Grayscale trusts have accumulated digital assets of $14.075 billion and $1.808 billion, respectively.

- Miami Mayor Francis Suarez has attracted the attention of the community with his stance towards the first cryptocurrency. He called bitcoin the most stable investment in the outgoing, “volatile year” 2020. According to Suarez, Miami and South Florida should be “at the forefront of legislation” promoting digital assets and supported by innovation.
In his address, Suarez has also noted Morgan Creek Digital co-founder Anthony Pompliano saying Miami “is on track to become a bitcoin city.”

- Amsterdam Stock Exchange trader Michael van de Poppe believes that bitcoin will rise from its current level to at least $40,000. And although the expert does not rule out the likelihood of downward corrections, he is confident that "the bull market for bitcoin will continue for a long time."
In addition, Michael van de Poppe is convinced that a strong rally will be observed in the altcoin market sooner or later, in particular on Ethereum. According to the expert, the rise in prices in the altcoin market will begin after the first quarter of next year.

- Ethereum capitalization has exceeded $79 billion. The CEO of the crypto exchange Binance Changpeng Zhao drew attention to the fact that ETH had already surpassed such auto giants as General Motors ($59.5 billion), BMW ($47.1 billion) and Ferrari ($36.2 billion) in terms of capitalization.
In 2021, capital inflows into ETH will be even more significant, according to Messari analyst Ryan Watkins. Some investors are already concentrating exclusively on Ethereum. And the key event for this altcoin will be the launch of Ethereum futures on the Chicago Exchange (CME).


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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 23 Dec 2020, 11:14 AM



- Matt Maley, strategist at financial services firm Miller Tabak, believes the cryptocurrency market will face a major setback next year. According to him, the main coin may fall in price by about 25-30 percent in the first months of 2021
Bitcoin's capitalization currently stands at approximately $441 billion. According to Maley, the market is overheated due to large-scale investments, which is why corrections by one or several thousand dollars may become a norm next year.
“I consider cryptocurrencies to be a promising asset, but the minimum correction size next year will be 10%. At the same time, the fall may be at the level of 30% or even more. Therefore, it is worth being prudent before large-scale investments,” the specialist warns.

- Popular analyst and founder of Quantum Economics, Mati Greenspan, expressed an opposite view. In his opinion, the December rise does not mean that the market is "overheated", and a large-scale collapse awaits us. “We are at the very beginning of the period of massive entry of investors into the crypto sphere. This phase of the industry's development is qualitatively different from the rise and fall phases of 2017 and 2018. If demand continues to rise from current levels, and supply is constrained, then there is a possibility that we will see growth of 250% or more."
At the same time, Mati Greenspan excludes a scenario in which BTC will soar to $400,000. “The rally will certainly continue, but there is no need to talk about any astronomical figures yet,” the analyst summed up.

- 190 computers were stolen from the NATO military airbase in Emari (Estonia), which were illegally used to extract cryptocurrency. The Estonian Ministry of Defense reported that mining on the territory of the base was carried out by a certain employee who had access to classified documents. He worked for NATO for 14 years, after which he quit and decided to take the equipment with him. He took out the first computers from the base back in 2015, providing documents on their write-off. The remaining several dozen devices on the territory of Emari were networked and used for mining. In total, this "specialist" was able to mine cryptocurrencies worth 30,000 euros. The Ministry of Defense clarified that about 60% of these earnings would have gone to pay for electricity, but the attacker was using state resources.

- According to the analytical service Glassnode, the number of addresses with cryptocurrency worth more than $1,000,000 has reached 66,500. The increase in the second decade of December alone was about 150%. Analysts noted that some miners have not withdrawn funds from their wallets since the time when one pizza cost several hundred bitcoins. Now they have become dollar millionaires.

- Tesla and SpaceX founder Elon Musk once again spoke on Twitter regarding cryptocurrencies. There, he again confessed his love for Dogecoin and posted a frivolous picture, comparing bitcoin to fiat money and considering it "the same crap."
Recall that in 2019, Musk became the winner of a comic April Fools' poll, in which users were asked to vote for the most suitable candidate for the position of Dogecoin CEO. And last July, Musk spoke on Twitter about the prospect of using Dogecoin technology as a global financial system. After his tweet, the price of the token went up 17%.

- The legendary bitcoin meme HODL is seven years old. It was first used by a user under the nickname GameKyuubi in his post on the BitcoinTalk forum, who later became known as Mr.HODL. On December 18, 2013, being a little drunk by his own admission, he wrote that as a bad trader he prefers to “hodl” so as not to incur financial losses.
“I typed the title twice because I made a mistake the first time. Still a mistake. A girlfriend is stuck in a lesbian bar, bitcoin is falling, so why do I hold? I'll tell you why. Because I'm a bad trader and I know it. Yes, of course, you good traders can see the highs and lows and playfully make a million dollars,” GameKyuubi wrote at the time.
On that day Bitcoin fell in price by almost 40%, GameKyuubi tried to simultaneously talk to his girlfriend and trade bitcoin through a heavily lagging app. After several failed attempts, he went to his room and started drinking.
Hodl, Hodler, is an Internet meme, a slang name for those who buy cryptocurrencies and hold them (do not sell) regardless of the market situation. For the first time, this variant of the spelling appeared as a typo in the word holding.

- MicroStrategy, a mobile software company, announced the completion of the last stage of the allocation of reserve assets, during which it invested $650 million raised from investors into 29.646 BTC at an average of $21.925 per coin.
It now owns almost 70,470 bitcoins in total, having spent $1.125 billion at an average price of $15.964 per bitcoin.
The $650 million raised in December was raised through the sale of convertible bonds with a maturity of five years. “The purchase of additional coins confirms our confidence in bitcoin as the most widely used cryptocurrency and a reliable store of value,” said Michael Saylor, CEO of MicroStrategy.

- Mill Hill Books has released a 340-page book, Kicking the Hornet's Nest, containing all emails, forum posts, and other entries by the anonymous bitcoin creator Satoshi Nakamoto. All entries are collected in chronological order and, according to the publishers, have been published "with almost no editorial comment." The printed version of the edition sells for $29, and it can also be purchased on Amazon.

- Scott Minerd, investment director of Guggenheim Investments, considers bitcoin to be a grossly undervalued asset, even at current price levels of around $23,000. “Our fundamental work shows that bitcoin should be worth about $400,000,” he said in a conversation with Bloomberg TV.
Analysts at Guggenheim Investments came to this conclusion based on two factors: the limited emission of bitcoin and its value relative to gold. There are many common characteristics that cryptocurrency shares with the precious metal, Minerd said, but bitcoin, unlike gold, "has extraordinary value in the context of transactions."
At the same time, Minerd noted that buying bitcoin above $20,000 seems to him "a little more problematic." His company began investing in bitcoin at a rate of about $10,000.


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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 16 Dec 2020, 11:44 AM



- The number of bitcoin addresses with a non-zero balance has approached the mark of 33 million, updating the historical maximum, according to the data of the analytical service Glassnode. The number of wallets with a balance of more than 1 BTC is also steadily growing. The indicator has set a new record at 827,105 recently, recovering from a slight recession at the end of September. According to analysts, such an increase in the number of retail cryptocurrency users clearly indicates the massive adoption of bitcoin.

- Also, the “population” of bitcoin whales grew significantly in 2020 and peaked at 2274 at the end of last month. These data were shared by Philip Gradwell, a senior economist at Chainalysis analytics company. Since the beginning of the year, the category “1000 BTC and more” has grown by 302 new wallets. The balances at the respective addresses have increased by 1.4 million BTC during this time.

- Millennials, young people who were born at the turn of the millennium, believe in bitcoin and see it as an asset preparing to replace fiat money. According to Zach Prince, CEO of cryptocurrency startup BlockFi, they will be the ones who will change the industry and popularize cryptocurrencies. “However, I do not think that the dollar or the euro will completely disappear, but cryptocurrencies have every chance to become their full replacement,” he said.
Speaking at the BlockShow conference, Prince also called promising ways to develop the cryptocurrency industry. According to him, decentralized finance should try to establish communication with regulators, but not make full concessions. If we introduce complete regulation of the market, then it will hardly differ from fiat.

- Despite the rise in the price and popularity of bitcoin over the past few months, it is still far from widespread attention. A poll conducted by Opinium and AltFi asked 2,000 UK adults how the COVID-19 pandemic has affected their financial situation. The majority said they turned to digital investment having refrained from investing in physical assets. However, only 10% of this sample (or 200 people) specified that they bought cryptocurrencies.
Despite the fact that this percentage is relatively small, the results of 2020 can be regarded as an undeniable improvement: the figure was half as low, 5.3%, a year ago.

- US billionaire Ray Dalio admitted that the criticism of cryptocurrencies that had been heard from him earlier was unfounded. "Bitcoin is well suited for portfolio diversification," said the billionaire. “I would advise having cryptocurrencies among the assets, at least as an experiment. When it comes to comparing bitcoin to gold, I prefer to keep those assets that are important to the global economic system." Earlier, Dalio said that bitcoin can complement gold thanks to an expanded list of options that are available to cryptocurrency investors. A coin backed by the precious metal could be the best investment on the market, he said.

- European electricity supplier CEZ Group has uncovered the largest theft in its history. Together with the police, the company's specialists discovered equipment for the extraction of cryptocurrencies illegally connected to the power grids in one of the outbuildings in the Bulgarian village of Kherakovo. The inspection began due to the abnormal high consumption of electricity in the area. As a result of searches, law enforcement officers seized more than 1,000 mining units. Preliminary estimates suggest the stolen electricity was equivalent to a monthly consumption of 4,250 families.

- Bestselling Rich Dad Poor Dad author and entrepreneur Robert Kiyosaki has reiterated his call to buy bitcoin before it surpasses $20,000. He is convinced that the cryptocurrency will continue to grow to $50,000 next year amid the influx of money from institutions. The entrepreneur says that “America is in trouble” and preclude the “death” of the US dollar and a “bright future” for gold, silver, bitcoin and entrepreneurs.

- The well-known Dutch cryptanalyst PlanB, who developed the popular BTC stock-to-flow valuation model, believes that the price of the reference cryptocurrency may rise to $100,000 by the end of 2021, and maybe up to $300,000. PlanB admits that his outlook sounds extremely optimistic and even somewhat amusing for some investors. However, the rise in the price of bitcoin in the past allows him to make such predictions.

- Ethereum co-founder Vitalik Buterin says that he sold part of the reserves of the first cryptocurrency back in 2013. He said he had “only a few thousand dollars of net equity” before Ethereum was created. “However, I sold half of my bitcoins to be sure I would not break up if the rate fell to zero,” he writes. This admission was accompanied by Buterin's call not to get into debt or take out loans to buy any digital assets.

- According to analysts of financial conglomerate JPMorgan Chase, institutional investors can invest up to $600 billion in the first cryptocurrency in the coming years. This requires American, European and Japanese insurance companies and pension funds to invest only 1% of their assets in bitcoin.
As JPMorgan lead strategist Nikolaos Panigirtzoglou noted, the recent $100 million investment by Massachusetts Mutual Life Insurance Company marks another milestone in the adoption of the first cryptocurrency by such organizations. At the same time, the analyst admits that it is quite difficult for such traditional investors to invest in cryptocurrency, since there are still regulatory requirements for the choice of investment assets in terms of risks and fulfillment of obligations. This can limit the amount of funds available for buying BTC.
In early December, JPMorgan Payments Manager Takis Georgakopoulos said the bank has become more loyal to bitcoin and is ready to contribute to the development of the cryptocurrency industry.


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