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Fundstrat’s Tom Lee: Jack Dorsey’s departure from Twitter is “bullish for crypto”

  • Dorsey, also the CEO of payments firm Square, stepped down on Monday

  • Tom Lee says its people like Dorsey who can marshal support for crypto innovation

  • Square has increasingly set itself as a pro-Bitcoin firm, including unveiling plans for a bitcoin decentralised exchange

Jack Dorsey’s decision to exit Twitter as the firm’s CEO could end up benefiting cryptocurrency, Fundstrat Global Advisors co-founder and managing partner Tom Lee has said.

Dorsey, who stepped down on Monday and plans to focus on payments firm Square, is also a vocal supporter of crypto (more so the pioneer cryptocurrency Bitcoin (BTC)).

Notably, it’s Square that might be at the center of Dorsey’s focus on crypto and Bitcoin innovation, an outlook that sees Lee opine that the ex-Twitter CEO’s exit is bullish for cryptocurrency.

Lee notes that the crypto space doesn’t have “enough capital actually allocated toward crypto innovation.” During an interview with CNBC’s “Tech Check”, the Fundstrat chief explained that its people like Dorsey have the capacity to really invest and marshal support for broader crypto development.

Square taking steps towards crypto innovation

Square, MicroStrategy and Tesla are three of Wall Street’s biggest bitcoin-invested companies, with the addition of BTC on the firm’s balance sheet contributing to increased revenues amid rocketing prices. But that’s not all.

Square’s focus on making it easier for people to invest and spend their BTC has been gaining traction lately and could accelerate now that Dorsey could be fully immersed at the company.

In July, the payments firm announced plans to have the Bitcoin network work with decentralised finance (DeFi) applications. In October, Dorsey revealed that the platform was considering setting up a solar Bitcoin mining operation.

Other than that, Square announced in June that it was working on a Bitcoin hardware wallet targeted at institutional investors and is in the process of developing a decentralised exchange (DEX) as detailed in a recently released whitepaper.

The spike in crypto interest has been driven by major developments in the DeFi, NFTs, and currently Metaverse sectors. Yet, Lee thinks Square’s Dorsey could do even more, telling CNBC that he doesn’t believe the burgeoning cryptocurrency sector “is over-invested yet.”  

Lee’s perspective resonates with that of GK ETF founder and CEO Ross Gerber, who also believes Dorsey’s resignation from Twitter makes sense and could be beneficial to Square Inc.

According to Lee, cryptocurrency provides for the “intersection of financial services and technology,” which means it potentially touches on “literally 60% of the economy.”

Meanwhile, the Fundstrat exec sees Black Friday’s markets sell-off as “horrific” and a massacre largely driven by panic selling. The downside was also heightened by the shortened trading day in the equities markets. But he notes that it offered a window of opportunity to investors.

Bitcoin is trading around $56,986 at the time of writing, about 1.3% down on the day and nearly 18% off since reaching its all-time peak of $69,044 on 10 November.

The post Fundstrat’s Tom Lee: Jack Dorsey’s departure from Twitter is “bullish for crypto” appeared first on Coin Journal.

Bitcoin is still the king of crypto: Anthony Pompliano

  • Over 89% of holders are profitable with the Bitcoin going by when they last bought the crypto

  • Demand and the launch of new products is set to push prices higher

  • Bitcoin price could still hit the $100,000 level this year

Anthony Pompliano, the founder of Pomp Investments, says Bitcoin is still the king of crypto even as the market seeks to bounce off last week’s price crash.

In an interview with CNBC’s ‘Squawk Box’ on Monday, the bitcoin investor and analyst said most people who own Bitcoin are in profit and noted that there are weaknesses in monetary and fiscal policy that make the crypto better than the dollar.

Pompliano’s comments come as Bitcoin seeks to extend gains above $57,000 following Friday’s dip below $54,000 as the global market reacted to concerns over the discovery of omicron, a new covid-19 variant that saw the UK and the US restrict travel from six southern Africa countries.

89%-90% of bitcoin holders are in profit

Pompliano says even though the current slide has pushed BTC lower, one way of looking at it is to consider its realized value. Looking at these data, he explained, most people are in profit given the last floor price of $20,000.

If you look at how many people own Bitcoin, what that price was compared to now, so 89% to 90% of people are in profit,” he said.

The Bitcoin bull notes that demand is still high for Bitcoin, with more adoption of the asset class likely given moves like that of Invesco, which has announced plans to launch a spot Bitcoin exchange-traded product (ETP).

According to Pompliano, Bitcoin (BTC) “is the last remaining free market.” It’s a technology that does not need any sort of intervention from anyone, which is practically what happens in the fiat markets as seen throughout 2020 as the pandemic forced governments into a money-printing frenzy.

The investor believes that the world is still waking up to the asset class even as the massive profitability for holders gives the market a bit of room to wiggle on the downside.

He also pointed out that Bitcoin’s on-chain metrics show increasing adoption across the globe, with institutional entry pushing the cryptocurrency higher.

In a tweet posted after the interview, the Pomp Investments chief noted Bitcoin investors are hodling through volatility. This even as the network becomes more decentralised.

The Bitcoin market has faced some bearishness over the past several weeks, with the leading crypto’s price dipping more than 21% since touching highs above $69,000 around 10 November.

But Pompliano is categorical on one thing; he wasn’t selling his BTC. He notes that millions of other hodlers are long on crypto, which he says will still hit the $100,000 mark by the end of the year. 

earlier, Voyager Digital CEO Stephen Ehrlich said last week’s sell-off was a “knee-jerk reaction” to broader market sentiment.

The post Bitcoin is still the king of crypto: Anthony Pompliano appeared first on Coin Journal.

Should you buy or sell Bitcoin after falling below $55,000?

Summary:

  • Bitcoin extended the current declines below $55,000 on Friday.

  • The pioneer cryptocurrency was not spared amid fears of the new Covid variant.

  • Bitcoin still enjoys strong support from the 100-day MA.

The Bitcoin price (BTC/USD) is down more than 7% over the last 24 hours amid growing concerns about the new covid variant. The pioneer cryptocurrency was not spared in the latest crash in cryptocurrency prices as investors shifted their assets towards more stable instruments.

The BTC/USD is also under pressure because of the $3 billion bitcoin options scheduled to expire on Black Friday. The market liquidated $670 million worth of BTC in the last 24 hours amid an increased sell-off.

Is the pullback an opportunity to buy?

From an investment perspective, Bitcoin is still viewed as a potential future replacement of fiat currency. As a result, its long-term outlook remains positive with more mainstream financial services providers embracing crypto.

In the last 24 hours, the BTC trading volume increased by nearly 22% despite falling cryptocurrency prices. 

This implies that there are those looking to capitalise on the Covid-driven decline to buy more bitcoin while others flee the market.

Technically, the BTC/USD seems to be trading within a descending channel formation in the intraday chart. As a result, bitcoin has plummeted closer to the oversold conditions of the 14-day RSI.

However, with the pioneer cryptocurrency yet to reach oversold conditions, investors could target extended declines at about $49,301, or lower at $44,435. 

On the other hand, if the 100-day MA provides solid support triggering a rebound, bitcoin could find resistance at about $59,062, or higher at $63,582.

The post Should you buy or sell Bitcoin after falling below $55,000? appeared first on Coin Journal.

PlanB says Bitcoin price missing $98K November target is “an outlier”

  • Analyst says the miss is a surprise, “a black swan”
  • Bitcoin price has faced increased sell-off pressure in the last two weeks
  • As of writing, BTC is trading near $55,000, after having touched a 30-day low of $54,311 early Friday
  • PlanB reiterates that Bitcoin price could still hit $100,000 by the end of 2021

PlanB, the analyst behind the stock-to-flow (S2F) model that has projected Bitcoin price surging beyond $100,000 by the end of the year, has admitted his prediction of $98,000 at the end of November might be a “first miss,” since he started charting BTC’s monthly targets.

While he maintains that Bitcoin price will still hit its S2F milestones, he has come out to say this one (the $98k target) is “an outlier” that has not happened before in the past ten years.

Where’s the Bitcoin price today?

Bitcoin rallied to a new all-time high of $69,044.77 on 10 November according to data from CoinGecko, an analytics platform that tracks and aggregates BTC price on all the major trading platforms.

Since then, the benchmark crypto’s price has spiraled lower and currently sits around 20% off that landmark level. As of writing, Bitcoin is at $54,488, nearly 5% in the past 24 hours and over 15% in the past two weeks.

With downside pressure across the markets and sentiment south only days to the end of November, PlanB has acknowledged the monthly close will not hit the targeted price.

“An outlier, a black swan”

PlanB says the fact that Bitcoin has failed to break higher is a surprise, but does he think Bitcoin can still hit $100,000 this year?

According to him, that’s still the prediction based on the stock-to-flow model.

He says the target set to be missed (November), was modeled on the prediction tool dubbed “floor model” and not S2F. Thus, Bitcoin will still hit the targeted $100,000.

I see this miss as an outlier, a black swan that has not occurred in the data last 10 years,” he noted as some on crypto Twitter seized on his admission to criticize him.

Notably, PlanB was spot on with his Bitcoin prices for August and September at $47,000 and $43,000 respectively. The monthly close for October was however about 3% off, with Bitcoin priced around $63,000 at the time.

Some observers say the ‘second miss’ is an indicator that the analyst’s predictions are misleading. However, as with many other investors and traders, PlanB says people need to take responsibility for their investments.

The post PlanB says Bitcoin price missing $98K November target is “an outlier” appeared first on Coin Journal.

Stripe is open to accepting crypto for payments (again), Co-founder says

  • Stripe co-founder John Collison says it’s possible the payments firm could add cryptocurrency as a payment option
  • It’s been three years since the company halted bitcoin payments
  • Collison points out developments in the digital space like Layer 2 protocols as a key to solving one of the main bottlenecks of crypto payments

Stripe, an online payments giant that has seen massive growth in the past few years, stopped accepting crypto payments in 2018 when it ended support for the world’s largest crypto by market cap Bitcoin.

The firm has since not revealed any plans to accept cryptocurrency payments. 

However, there’s no ruling out that a u-turn on crypto won’t happen, according to co-founder John Collison. 

Not yet, but it can happen

On Tuesday, Collison told CNBC at the Fintech Abu Dhabi event in the UAE that the company may not be ready to support digital asset payments. However, that did not mean that it could look at accepting them in the future.

He opined that it wouldn’t be “implausible” for the San Francisco, US, and Dublin, Ireland-based financial services provider to embrace crypto.

He also said that they (at Stripe) don’t look at crypto in terms of its use as a speculative investment instrument, adding that the idea is “not that relevant to what [they] do at Stripe.”

Improved scaling and reduced transaction costs

When it ended its support for BTC payments, Stripe pointed out the issues of wild volatility and the inefficiency that characterised the coin’s use as a currency. Crypto prices fluctuate sharply throughout the day, with declines or upsides triggered by a myriad of factors. 

While the burgeoning industry still faces a few teething problems, especially on the regulatory front, Collison says on-chain developments across several platforms continue to make it better. And chief among these “solutions” have been improvements made towards network scalability and reduction of transaction costs, he added.

According to the Stripe exec, innovations such as Lightning Network and the emergence of highly scalable networks such as Solana (SOL), are just part of what could make use of crypto for payments grow across industries. The benefits of these developments, he explained, are faster, cheaper transactions.

The post Stripe is open to accepting crypto for payments (again), Co-founder says appeared first on Coin Journal.

Crypto lending platform Celsius injects another $300M into BTC mining

The crypto lender has now put $500 million into Bitcoin mining operations in North America

London-based crypto lending platform early this week confirmed it had added $300 million to its June investment of $2oo into Bitcoin mining. The firm’s chief executive Alex Mashinsky said during an interview with The Block on Monday that with this investment, the company plans to expand its Bitcoin mining operations in North America by increasing the hash rate and power capacity. He added that Celsius would provide further details on how the hash rate advancement will be spread out over the coming months.

“These are commitments for this year and next year — so we will be adding (mining) capacity all the time until the end of next year,” he said.

Mashinsky also detailed that Celsius now has about 22,000 Bitcoin ASIC miners with plans in place to acquire Bitmain’s incoming miner, the 140 terahashes-per-second (TH/s) AntMiner S19XP. The capital input ranks Celsius as one of the leading cryptocurrency miners in the North American region.

Despite the firm’s status and position in the market, the Celsius boss still feels that given the level of competition in the mining business, the company must remain consistent.

“A lot of people that are buying machines, they think the competition is just not gonna be there, but obviously now there are a lot more participants, more players, so you really have to be good at this business,” he said.

Adding to an initial investment

In June this year, Celsius invested $200 million into mining activity in the same region. The investment was intended to develop Bitcoin infrastructure, though the company also established positions in Luxor Technologies, Rhodium Enterprises, and Core Scientific.

The mining firm currently has more than $28.5 billion worth of assets under management. Last month, the company raised $400 million at a $3 billion valuation in a round spearheaded by equity firm WestCap. The firm stated that the capital raised was intended to reaffirm the business’ credibility to regulators. Celsius has previously met inquiries and, in some cases, legal action over its lending products in states including New Jersey, Alabama, and Kentucky.

Beijing’s effect on US mining operations

Before the May crackdown, China held approximately 65% of the world’s Bitcoin mining power.  When China became inherently hostile towards digital assets, the crypto markets tumbled as miners and other crypto-related businesses moved out of the Asian country.

China’s anti-crypto policies, which were intensified in subsequent months, coupled with the presence of crypto-friendly regions such as Texas, shifted mining dominance to the US. A report by the Cambridge Bitcoin Electricity Consumption Index (CBECI) released in October confirmed that the US topped the charts in terms of mining with 35.4% of the world’s mining power.

The post Crypto lending platform Celsius injects another $300M into BTC mining appeared first on Coin Journal.

Rising inflation is creating tailwinds for crypto, Ripple CEO says

  • Rising inflation has investors concerned as economic recovery slows on new Covid-19 infections
  • The Ripple CEO says bitcoin has momentum that could be catalysed by the rising inflation

Ripple CEO Brad Garlinghouse believes the rising inflation being witnessed across the globe is creating “tailwinds” for the cryptocurrency market.

Garlinghouse, who was speaking at the Abu Dhabi Fintech event, said that spiking inflation was shining a spotlight on the crypto sector. The Ripple executive noted that what has happened so far is for bitcoin to emerge as the better asset class for investors looking to hedge against rising inflation.

He said that the world is seeing the biggest inflation jump in decades, a scenario that is set to see more people look to assets that offer a different inflationary dynamic.

 “When people are concerned about holding a fiat currency that might be inflating, and that’s devaluing, they’re looking at: ‘How can I hold other assets that won’t have that same inflationary dynamic?’” he said.

Garlinghouse’s comments come at a time Bitcoin price is trying to reclaim support above $56,800 following an 11% dip in the past seven days. The crypto rose to highs above $69,000 in early November but has faced some headwinds even as commentators and enthusiasts say the digital asset is winning against gold as a better store of value.

I’m not here to predict where the crypto market will be next year or so, but  I think if you step back and take a long view, these are real technologies that are fundamentally reworking how our financial infrastructure works,” he added.

The XRP cryptocurrency, native to the Ripple network, remains one of the largest crypto assets by market cap.

It currently trades around $1.05, although its year-to-date performance has been overshadowed by the SEC case and by stellar runs for Bitcoin, Ethereum, meme coins Dogecoin and Shiba Inu and lately, Solana and Avalanche.

The crypto market capitalisation rose to over $3 trillion this month but has shed over $200 billion of that to currently fluctuating around $2.8 trillion.

Garlinghouse said on Monday that Ripple expects the SEC’s case against it to should be settled in 2022. He pointed to the “progress” being witnessed in the case, which the US regulator filed in December 2020.

The post Rising inflation is creating tailwinds for crypto, Ripple CEO says appeared first on Coin Journal.

People call us “PayPal, but for crypto”- MoonPay CEO says

  • MoonPay makes it easier for people to buy crypto using their bank account, credit card or payment wallets
  • CEO Ivan Soto-Wright says people are already seeing the fintech firm as crypto version of payments giant PayPal
  • The firm recently raised $555 million at a valuation of $3.4 billion

MoonPay, a Miami-based fintech company that allows its customers to buy and sell crypto via easily accessible payment methods like bank transfer and credit cards, has seen its market valuation rocket to $3.4 billion after a maiden financing round that netted $555 million.

While the platform remains relatively smaller compared to some of the biggest firms in the crypto industry, its services are cementing its presence in the market as crypto adoption rises.

It is in this vein that CEO Ivan Soto-Wright sees MoonPay growing, with the main target being to make access to cryptocurrencies as easy as possible.

MoonPay currently allows users an easy way to buy Bitcoin, Ethereum, and other crypto assets, including non-fungible tokens. According to Soto-Wright, further developments are meant to make the US-based fintech the go-to place for everything crypto, including tokenised stocks.

In an interview with CNBC, the MoonPay chief noted that all these are possible when it comes to blockchain and crypto. He says that the platform is still getting around its targets, but that it will soon offer seamless and near-zero transactions.

So far, he noted, people are already referring to MoonPay as the PayPal of crypto. But while he believes the firm’s attraction to people looking to easily buy cryptocurrencies, he notes that their focus sets them apart from PayPal.

PayPal already allows its US and UK customers to buy and sell cryptocurrencies directly from their accounts. However, users have no control of the actual cryptocurrencies, which Soto-Wright says makes PayPal a “walled garden.”

“We believe the future of crypto is about customers taking possession of their private keys,” CNBC quoted the MoonPay boss.

The post People call us “PayPal, but for crypto”- MoonPay CEO says appeared first on Coin Journal.

Microstrategy CEO says Bitcoin is winning, gold is losing

  • Michael Saylor says Bitcoin is unstoppable and will flip gold as the better safe-haven asset
  • BTC will grow 100 times more to become a $100 trillion asset class
  • The cryptocurrency will account for 5-7% of the global economy in the next decade

Microstrategy CEO Michael Saylor says in the end, the battle between Bitcoin and gold will be decided in digital gold’s favour.

In an interview with CNBC’s ‘Squawk Box’, Saylor noted that Bitcoin’s growth is set to see it become a $100 trillion asset class, with the 100x increase in its market capitalisation setting it ahead of traditional store of value gold.

Microstrategy is one of the mainstream companies that hold a significant share of Bitcoin since making its first purchase in 2020. The company is set to add to its current haul of 114,042 BTC, Saylor revealed during the interview.

According to him, the strategy is to “keeps stacking forever”, which implies buy more BTC whenever the opportunity to do so appears. He said that the next ten years will see the flagship cryptocurrency explode amid massive investor adoption, even as monetary indexes across the globe collapse.

A figure that is quickly becoming a respected voice in the Bitcoin community, Saylor believes BTC is on the path to toppling gold.

He added that the trajectory that the cryptocurrency is on will continue in the digital gold’s favour, with the precious metal set to be overtaken this decade.

He said:

“At the end of the decade it will have flipped gold, and then it will flip monetary indexes, a little bit of bonds, a little bit of real estate, a little bit of equity, and emerge as a $100 trillion asset class. So, 100X of where it is right now.”

This, he said, will happen despite the potential for regulatory headwinds. He points to some countries banning crypto or instituting regulations that limit investors.

In his view, there is no other asset class that would beat Bitcoin if an institution wants a safe haven asset. It is Bitcoin that offers the “ethical, technical, and legal safe haven” status that institutional investors want, he added.

Saylor also says the next ten years could see Bitcoin make up 5% to 7% of the global economy. In this time, the US dollar could have replaced most of the world’s national currencies, with the euro and the Chinese Yuan the only other global currencies.

Bitcoin, which plunged to a seven-day low of $55,861 this week, has recouped about 4% of the losses in the past 24 hours. At the time of writing, BTC is changing hands around $59,987, with intraday highs of $60,324 according to data from CoinGecko.

Gold, on the other hand, slipped 0.73% to close at 1,846.02 on 19 November.  

The post Microstrategy CEO says Bitcoin is winning, gold is losing appeared first on Coin Journal.

Analyst: Bitcoin to $100K by EOY 2021“won’t happen”

  • Digifox CEO Nicholas Merten believes Bitcoin could hit the six-figure value in 2022
  • Bitcoin needs to grow by over $660 billion in a little over a month if it’s to hit the figure
  • But BTC soared by 40% in October and similar spikes on the monthly timeline have been seen in the past

One of the most popular predictions for Bitcoin price in 2021 is that the flagship cryptocurrency is likely to easily top $100,000, with the six-figure level hit by end of the year.

The bullish outlook remains across the market, even as BTC price flips negative amid massive profit-taking on the back of an impressive run to highs of $69,000 in early November.

BTC to $100 “easily” achievable, just not maybe in 2021

Nicholas Merten, the founder and CEO of Digifox Finance has downplayed the prospects of Bitcoin rallying to the highly desired level this year. However, he does note that it’s entirely possible for the benchmark cryptocurrency, currently changing hands around $60,180, to reach the landmark in early 2022.

Here is what Merten had to say about Bitcoin’s prospects for 2021:

Merten, who also created the popular YouTube crypto channel DataDash, says that for Bitcoin to achieve the $100k price tag, it would need to add more than $660 billion to its market cap.

Bitcoin currently has a market valuation of $1.13 trillion and would need to see significant growth in the next one or so months to bring into play potential runs to $100k per bitcoin.

Bitcoin drawdown  catalysed by negative news and ETF rejection

Enthusiasm around Bitcoin following its Taproot upgrade has been dampened by news around Twitter’s move not to invest in crypto and SEC’s rejection of VanEck’s Bitcoin ETF application. Sentiment has stalled south in the past 24 hours and could sink further if sell-off pressure pushes BTC below support around $58,000.

Bulls point to a number of potential catalysts for a new crypto bull run.

Notably, Bitcoin price at $60k means a new rally in the region of 65% would get bulls close to the target. Bitcoin price grew 54% and 40% in November and December 2017 respectively, and after the 2018 bear market, its value jumped over 60% in May 2019. Most recently, bulls managed 40% as BTC surged from $44,000 to $67,000 in October. Price triggers and catalysts may vary in these cases, but it shows new gains are possible.

Bitcoin has lost about 15% of its value from the $69k level, and full-time trader and crypto analyst Michael van de Poppe says this could be followed by another drawdown.

The digital gold, a moniker for the top crypto for its comparisons with gold as a store of value, has tested support below $60,000 multiple times in the past 48 hours.

The post Analyst: Bitcoin to $100K by EOY 2021“won’t happen” appeared first on Coin Journal.