Day: July 29, 2020

Novogratz: Global ‘Liquidity Pump’ Will Keep Bitcoin Rising, Price to Hit $20K This Year

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Billionaire investor Michael Novogratz said global “liquidity pump” from stimulus packages will keep driving bitcoin’s price higher. He expects the price of bitcoin to reach $20,000 this year, fueled by retail investors shifting to the cryptocurrency. Mike Novogratz’s Bitcoin Prediction Galaxy Digital CEO Michael Novogratz said on Tuesday that bitcoin and gold have more room to grow and will continue to rise due to global “liquidity pump,” afforded by governments’ stimulus packages, coupled with an influx of retail investors. “The liquidity story isn’t going to go away. We’re going to…

Next Bitcoin Bull Run Will Be ‘Dramatically Different’

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Cameron Winklevoss, the billionaire founder of cryptocurrency exchange Gemini, believes the next Bitcoin (BTC) bull run will be much different. When compared to previous bull markets, Winklevoss noted that there is substantially more capital, infrastructure, and better projects. Winklevoss said: “The next Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!” Various data points hint at a significant increase in…

Maturity of the Crypto Derivatives Market Attracting More Institutional Investors

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In a Cointelegraph China Great Bay Area International Blockchain Week pre-event interview on July 29, Ben Zhou, CEO of derivative exchange Bybit, argued that the maturity of the derivatives market is the main reason for institutions to enter the crypto space.  Biggest concerns for institutional investors   Zhou says that the biggest concern for any institution exploring crypto is the need for proper financial tools to run risk management. Risk management is out of reach without a functional, robust derivatives market. He stressed that:  “Derivatives markets serve a vital function by…

Stablecoin On-Chain Activity Explodes as Bitcoin Breaks $11K

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The on-chain activity for the three of the biggest stablecoins exploded as Bitcoin (BTC) was breaking the $11,000 price barrier. 7-day average transfer volume for USDT, DAI, USDC & BTC Price. Source: Glassnode. Stablecoin growth Several stablecoins, including the market-leading Tether (USDT), have recently experienced a significant growth in market capitalization. We observe that a significant increase in the transfer volume of USDT, DAI (DAI), and USDC (USDC) coincided with the latest Bitcoin bull run. It is not clear from the chart whether this metric can be considered a leading…

History Suggests XRP Could Soon Rally Over 30%, But Macro Weakness Remains

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XRP has incurred some notable momentum throughout the past 24 hours, but it has been struggling to surmount the crucial resistance that sits between $0.24 and $0.25. The cryptocurrency’s upswing seen today came about as a result of a bull pennant break. Still, the slowing momentum seen following this positive technical development does seem to spell some trouble for where it trends next. Analysts are now widely noting that the cryptocurrency does appear to be at a make or break level. One important factor to consider is that it was…

Scammers Are Forging CoinDesk Emails – Here’s How to Protect Yourself

Over the past few weeks, CoinDesk has seen evidence scammers are copying our newsletters in their entirety, adding a malicious link at the top and changing the subject line to emphasize that link. They then send the email to a list of active and perhaps crypto-curious email addresses likely acquired from privacy-ignoring data brokers or the dark web, completing the phishing scheme. Source

Market Wrap: Bitcoin Sticks to $11,000; Derivatives, DeFi Keep Growing

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Bitcoin, crypto derivatives and DeFi continue to be hot in late July. Just one week ago, bitcoin’s price hit an intraday high of $9,568 in a low-volume environment. This week’s action, fueled by increased exchange volumes, has traders excited at the thought a long-term bull market may be back. As much as $446 million in trades were done on Coinbase Monday.  “The market has clearly jumped to a bullish stance,” said Vishal Shah, and options trader and founder of derivatives exchange Alpha5. “Volatility is higher and we’re now looking at…

Dubai Debuts Nationwide Data Platform Powered by Blockchain

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This platform is set to become a nationwide system for exchanging verified customer data. Dubai’s Department of Economic Development, or DED, and state-run bank Emirates NBD are rolling out their so-called UAE KYC Blockchain Platform. 120 local firms already signed up for the platform with Emirates NBD First revealed in February 2020, the new blockchain platform is designed to unlock digital customer onboarding, instant bank account functions, and verified KYC data sharing between licensing authorities and financial institutions. Announcing the news on July 28, the DED and Emirates NBD said…

Crypto Analyst Pitches a Case For XRP to Hit $30 By End of 2021

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XRP is a polarizing cryptocurrency asset, perhaps the most across the industry. It has some of the most die-hard believers, while others despise its very existence in the top ten assets by market cap. Whatever the stance, a target of $30 per XRP is likely shocking. However, that’s exactly the surprisingly convincing pitch from one crypto analyst that expects that target to be met by the end of 2021. Another Ridiculous Ripple Target, Or Is $30 XRP Reasonable? A few weeks ago, Ripple’s performance was so poor, crypto analysts had…

Recent Bitcoin Rally Pushes ‘Addresses in Profit’ to 93%

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93% of all bitcoin address balances are estimated to be in the black, according to Glassnode, as bitcoin continues to trade above $11,000. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Original