Day: November 9, 2020

Crypto World Eager to See New Administration Operations

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Crypto asset traders and analysts are looking for positives for the crypto industry out of the newly elected leaders. Following a hotly and closely contested US Presidential election, a number of people in the crypto community have questioned the outcome. However, mainstream media outlets and the Associated Press have definitively determined former Vice President Joe Biden as the current President-elect. President-elect Joe Biden reportedly beat the incumbent Donald Trump in the US presidential race by electoral votes. Democratic Administration Good for Crypto Traders and analysts are yet to determine how…

JPMorgan’s Analysis Shows Institutional Investors Moving From Gold ETFs to Bitcoin

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JPMorgan has highlighted evidence of institutional demand for bitcoin and investors moving from gold exchange-traded funds (ETFs) to the cryptocurrency. The firm points out that bitcoin demand is driven not only by younger retail investors but also by institutional investors, such as family offices and asset managers. Gold ETF Investors Moving to Bitcoin JPMorgan’s Global Markets Strategy team released a report Friday that discusses bitcoin. It also compares the flow trajectories for Grayscale Bitcoin Trust (GBTC) and gold exchange-traded funds (ETFs). The report reads: Corporate endorsements of bitcoin and in…

Blockchain Bites: Figure Files for Banking Charter, Cred for Bankruptcy

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Cred is the first U.S. crypto lender to file for bankruptcy in the country. Ripple is opening regional headquarters in the Middle East. President-elect Joe Biden’s incoming administration appears to be courting at least two pro-crypto political actors for cabinet positions. Top shelf Bankruptcy filingCrypto lender Cred filed for bankruptcy protection this weekend. In a Chapter 11 filing, the company announced it has hired a new board member to oversee restructuring and will consider M&A opportunities. CoinDesk’s Nathan DiCamillo reports Cred has previously disclosed “irregularities” in the handling of corporate…

CBDCs Will Usher in ‘Big Revolution’ in Next Three Years

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Nouriel Roubini said due to the lapses of existing digital currencies bordering on scalability and security most importantly, they cannot be the future of digital payments, but CBDCs will. Renowned Economics Professor at the New York University’s Stern School of Business and CEO of Roubini Macro Associates Nouriel Roubini has weighed in on the growing interest in the crypto space particularly as it relates to Bitcoin (BTC), and Central Bank Digital Currencies (CBDCs). In an interview with Yahoo Finance, Roubini reiterated his reservations about digital currencies calling the asset class…

State of New Jersey Poised to Start Issuing Crypto License

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The only exception to this is if such businesses have obtained a ‘reciprocal’ license from another state that is deemed appropriate for authorization to operate cryptocurrency services in the state of New Jersey. The state of New Jersey is inching close to enacting a law that would start issuing license for cryptocurrency operators. This would happen if the state’s senate passes a bill recently introduced to it by Senator Nellie Pou (D-35). The Digital Asset and Blockchain Technology Act was introduced in the upper chamber of the house on Thursday.…

FUD or regulatory change? Rumor clouds swirl around crypto exchanges

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The mood of fear, uncertainty and doubt, otherwise known as FUD, that has gripped some of the largest cryptocurrency exchanges since October heightened last week — and it had nothing to do with the United States presidential election. “Weird Binance fud Friday and weird huobi arrest fud today,” tweeted MyCrypto CEO Taylor Monahan, referring to an Oct. 29 Forbes report that Binance had set up its U.S. unit, Binance.US, as a regulatory decoy and referencing separate rumors that Chinese authorities had detained a senior executive at Huobi. FUD, which has…

Bitcoin dumps on news of successful COVID-19 vaccine trials

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Bitcoin (BTC) fell sharply in price this morning as pharmaceutical company Pfizer, in collaboration with biotech company BioNTech, announced a breakthrough in its COVID-19 vaccine. Bitcoin fell approximately $1,000, over 6%, between 12:00 pm and 3:00 pm UTC today on the vaccine news, from $15,800 down to a daily low near $14,815, based on TradingView data. Crypto’s pioneer asset bounced slightly by the time of publication, sitting near $14,908.  Source: TradingView.com Earlier this morning, Pfizer publicized a statement claiming its COVID-19 vaccine has shown to be roughly 90% effective. The…

Bitcoin Drops amid Pfizer’s Vaccine Announcement

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Just a few days after the US election is over, world pharmaceutics giant Pfizer announces that it’s COVID-19 vaccine is 90% effective. The news spread rapidly through the media and sparked a surge of the US indices. Thus, Dow Jones gained 4,56% reaching an all-time high at 29,616, S&P 500 is up 3.20% traded at 3,620.60 reaching an all-time high, and Nasdaq is up only 1.02% with its own all-time record at 12,005. This significant update from Pfizer gave hope for the sooner renewal of travels as New-Year and Christmas…

Bitcoin Global Launches P2P Crypto Trading App for Mobile Devices

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Peer-to-peer cryptocurrency trading platform Bitcoin Global has launched its mobile app for iOS and Android devices. In addition to a fast and anonymous way to buy and sell digital assets for fiat, the mobile app features a secure wallet, access to a referral program and more. P2P Crypto Trading at Your Fingertips Bitcoin Global, a marketplace for users to buy and sell blockchain assets directly from each other with no middlemen in between, is now available right on your phone or tablet. The developers have released a mobile app in…

Run to All-Time Highs is “Not Out of the Question” Despite Bitcoin Plunge

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Bitcoin has seen heightened volatility this morning, likely due to that seen within the global markets. Stocks are rallying today, while precious metals and so-called “safe haven assets” all plunge due to positive vaccine news. Pfizer reported that their vaccine has shown to have 90% efficacy in a large trial, which far exceeded that market’s prior expectations. This has contributed to Bitcoin’s technical weakness, as those subscribing to the safe haven narrative appear to be suppressing its growth as its price declines towards its $15,000 support. It briefly dipped below…