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

 

CryptoNews of the Week

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- 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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