Missed the Bitcoin Rally? Here’s an Investment Strategy to Ride the Bull Market While Reducing Your Risk

Bitcoin has come a long way since bottoming out below $4,000 in March. The cryptocurrency clocked a record high above $19,900 early Tuesday and is up nearly 170% this year. While institutional participation has increased, a large part of the retail crowd may have stayed away from the market. For that group, the fear of missing out (FOMO) on the opportunity to make triple-digit gains may have set in over the past few weeks. Yet, investing now while the cryptocurrency is trading near lifetime highs may seem risky because there…

Why a $631B Asset Manager Just Changed Its Mind on Bitcoin

In a research note intended for clients, investing giant AllianceBernstein says it changed its mind on bitcoin’s role in asset allocation. Yesterday, CoinDesk received access to a private client research report from AllianceBernstein, a global investment giant with more than $631 billion in assets.  In this episode of the Breakdown, NLW reads excerpts from the memo and discusses: Original

Former Trump Economic Advisor and Goldman Sachs President Gary Cohn Warns Bitcoin May Fail

A former top economic advisor to President Donald Trump and president of Goldman Sachs has shared his view about bitcoin. He claims that the cryptocurrency “lacks some of the basic integrity of a real market,” warning that it “may fail.” Gary Cohn Thinks Bitcoin May Fail Former White House chief economic advisor Gary Cohn said in an interview with Bloomberg’s Emily Chang, published Monday, that bitcoin “may fail.” Cohn served as president and chief operating officer of Goldman Sachs for 26 years. He left the firm in 2016 to become…

Gemini Donates $50K to HRF to Fund Bitcoin Devs in 2021

The Human Rights Foundation has secured donations to fund even more Bitcoin developers in 2021, and it’s capping off 2020 by adding another beneficiary to its grant program.  Shared exclusively with CoinDesk, the Winklevoss’ Gemini cryptocurrency exchange is donating $50,000 to the Human Rights Foundation to fund “open source software which [improves] the privacy, usability, and resilience of the Bitcoin Network.” The fresh funding comes on the same day the Human Rights Foundation is announcing its sponsorship of yet another developer, Gloria Zhao. An undergrad at UC Berkeley and president…

Bitcoin Derivatives Firm ErisX Adds Cash-Settled Futures

Cryptocurrency derivatives platform ErisX launched cash-settled bounded futures on Tuesday, after seeing little interest from the market for its physically-settled futures.  ErisX CEO Thomas Chippas said the company had released physically-settled futures thinking that traders would be interested in trading spot bitcoin with the protection of a futures exchange and a futures clearinghouse. Cash-settled contracts don’t require the delivery of bitcoin like physically-settled contracts, allowing investors who can’t touch bitcoin to still profit off of it. Physically-settled futures won’t become more popular until the exchange can offer physically-traded futures on…

Bitcoin’s Attempt at $20k is a Classic Top Setup – Bollinger

Quick take: Yesterday, John Bollinger had cautioned that Bitcoin’s attempt at $20k is a classic top setup Bitcoin has since dropped from $19,900 to $18k in a flash crash The 50-day moving average seems like a good area for a bounce Other macro support zones lie at $16,300, $15,600 and $14,800 Late yesterday, the inventor of the popular charing tool of Bollinger Bands, John Bollinger, cautioned Bitcoin traders that BTC might have printed a classic top setup. Mr. Bollinger went on to explain that the setup was yet to be…

First Mover: Bitcoin’s Failure to Break $20K Shows Big Investors Only Just Arriving

Bitcoin was lower, retreating after rallying over the past 24 hours to a new all-time-high price of $19,920, based on CoinDesk’s Bitcoin Price Index.  Cryptocurrency analysts predicted that bullish traders might next target the $20,000 threshold, though the market could struggle to break through if large potential holders choose to take profits at that level.  The “resistance into $20,000 could be more psychological than anything else,” said Denis Vinokourov, head of research at the digital-asset prime broker Bequant. “It would make sense that once we are finally able to get past…

BlockFi Announces Early 2021 Launch for Bitcoin Rewards Credit Card

Cryptocurrency lender BlockFi has taken its first step in the payments space. The New York City-based company, known for its lending operation, interest-bearing crypto products and trading desk, announced Tuesday it will launch its long-awaited bitcoin rewards credit card in the first quarter of next year. CEO Zac Prince said the credit card will be the first of its kind in an industry that is already saturated with bitcoin reward debit cards. “A lot of the debit cards that exist in the crypto ecosystem are the kind that are oriented…

Mastermind of Bitcoin Mining Ponzi Scheme Extradited to the US: $20 Million in Victims’ Funds Laundered

The US government says it has extradited Gutemberg Dos Santos, the co-founder of the Airbit Club Ponzi scheme from Panama and he now awaits his trial in a Manhattan court. Dos Santos is facing charges relating to his role in perpetuating a “cryptocurrency” scam which defrauded victims of “tens of millions of dollars.” Fraudulent Claims According to the US Department of Justice (DOJ), Dos Santos and five accomplices are accused of falsely promising victims that they will earn passive income from cryptocurrency mining. However, investigations found that “no bitcoin mining…