Tag: Analyst

Tether May Now Be 11th Largest Bitcoin Holder, Analyst Says

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Tether, the company behind the USDT stablecoin, may now be the 11th largest bitcoin holder in the world. This comes after the stablecoin issuer recently published its attestation report for Q2 2023. According to the report, Tether recorded an increase in excess reserves, which grew by $850 million. This brought the company’s total excess reserves to approximately $3.3 billion. These excess reserves are profits that the company does not distribute to shareholders as dividends. Instead, Tether keeps them to shore up its 100% reserves, which are used to back all…

Coinbase Q2 report exceeds analyst expectations despite legal battle with SEC

Coinbase released its financial results for the second quarter of the year, beating the analysts’ expectations. The company reported $663 million in net revenue, which is down by 10% compared to the same period last year. Coinbase also disclosed an adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, of $194 million and a net loss of $97 million, which is a huge uptick from the last quarter’s net loss of $1.1 billion. The company had transaction revenue of $327 million compared to $375 million in the first quarter,…

Stablecoins pose lower risk than bank deposits, says ex-Fed policy analyst

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Stablecoins cannot be compared to bank deposits in terms of risk, argues a new policy paper authored by former Federal Reserve Board analyst Brendan Malone on behalf of technology investment firm Paradigm.  The document explores the risks stablecoins pose to the financial system, noting that current legislative proposals in the United States could incorporate crypto payment instruments into existing banking and securities frameworks. Malone argues that the risks posed by stablecoins are lower than bank deposits and different from money market funds. Stablecoins are cryptocurrencies programmed to have a stable value relative…

Crypto Analyst Predicts Bitcoin To Drop By 20% In Coming Weeks

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Bitcoin (BTC) has shown much resilience in the wake of the US Federal Reserve announcing a 25 basis points hike in the Federal Funds Rate (FFR) on Wednesday. Based on data from CoinMarketCap, the premier cryptocurrency is up by 0.78% in the last 24 hours, with the majority of the market also posting notable gains. However, a crypto analyst has predicted a significant bearish trend for the market leader. Incoming Dip For Bitcoin?  According to a technical report on July 27 by an analyst with the Twitter handle @CryptoFaibik, BTC…

TD Cowen analyst just made a risky buy call on a bitcoin play

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Investors looking for ways to bet on crypto should look closer at a software company with a unique balance sheet, according to TD Cowen. Analyst Lance Vitanza initiated coverage of MicroStrategy at outperform, saying in a note to clients on Wednesday that the stock was the “best way for institutions to acquire exposure to bitcoin.” “MSTR is a leading provider of [business intelligence] software, but with a twist: it uses all its retained earnings – and then some – to buy and hold bitcoins. This is not a short-term trading…

Bitcoin halving in 2024 may not spark bull run, analyst claims

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The next Bitcoin halving is scheduled for early Q2 2024. This event will reduce miner rewards by 50%, from 6.25 BTC to 3.125 BTC, a supply shock that makes the coin scarcer. Even though historical price performance tends to support prices, one observer thinks that in the months after this event, Bitcoin prices will remain muted. As price action data shows, past halvings have significantly impacted the price of Bitcoin. A 9,100% surge followed the first halving in…

XRP Moving Above ‘Cloud’ Resistance Sets Bullish Precedent for Bitcoin (BTC): Analyst

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The Ichimoku Cloud, a technical analysis indicator created by Japanese journalist Goichi Hosoda in the late 1960s, is widely used by traders and analysts to identify support and resistance levels and gauge trend changes. The indicator comprises five lines based on the price’s moving averages: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K) and a lagging closing price line. The spread between the Leading Span A and the leading Span B represents the cloud. Original

Bitcoin’s bullish hype fades, but analyst says PlanB’s stock-to-flow model is still relevant

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Bitcoin (BTC) is struggling to reclaim its psychologically-important level at $30,000 as analysts predict that choppy accumulation may last for months. Bitcoin soared to a new yearly high of over $31,800 on July 13, driven by optimism surrounding the potential approval of exchange-traded funds (ETFs) in the United States and Ripple’s landmark legal victory in its case against the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security. However, five days after the pump, BTC closed below $30,000 as buyers struggled to push the price…