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Bitcoin Finds Tentative Support at $9,100

Bitcoin Finds Tentative Support at ,100

After an incredible breakthrough past resistance at USD 9,000 yesterday to set a record new high for the year, Bitcoin price has only once went below that line in the past 24 hours, finding tentative but decent support around USD 9,100, with Central Europe waking up now to a price of around USD 9,196 (7:05 am UTC, CoinDesk).

Once more, sentiment for the world’s most traded crypto proved to be at its highest during the weekend, with supposedly big news of significant impact over the working week failing to create the sort of volume and push seen on Saturday and Sunday. Apart from a brief period as morning dawned in Asia and Bitcoin plunged to a 24-hour low of USD 8,828, valuation steadily climbed and has remained climbing for the past 10 hours.

Analysts at Bloomberg at least are quick to credit Facebook’s recent waves in the market with its GlobalCoin project. But fundamental commentators insist that Bitcoin has been increasing in value on its own merits, with recent highs in transactional volume, unique addresses and peer to peer activity all proving that growth and adoption are increasing, giving more value to the crypto.

Even technical analysts cannot ignore that positive trendlines have not been broken, contrary to the position just a week or two ago when Bitcoin threatened to fall below USD 8,000 in an unexpected pullback.

Some like Washington Post are now seeing a change in the charting pattern thus far, believing it to mirror more the pre-bull run of 2017, rather than the 2015 period during a long crypto winter. Then, the Chinese yuan had been devaluing at a correlated pattern with Bitcoin price movement.

1/ At the start of 2019 #bitcoin’s price action looked like it could mirror 2015, but has since switched to feel more like 2016.

As a foreshadowing, below is a graph showing the correlation between $BTC’s price and China’s yuan ($CNY) in 2016.

Article: https://t.co/t2NOF0lUb8 pic.twitter.com/VWOZsPAmHv

— Chris Burniske (@cburniske) June 15, 2019

 

 

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Study: Bitcoin Discussions Have Matured Dramatically

Study: Bitcoin Discussions Have Matured Dramatically

A new study released by crypto data provider Indexica suggests that the conversations surrounding Bitcoin has drastically improved in terms of maturity since the last major bull run leading up to the end of 2017.

The recent and ongoing rally of Bitcoin has drawn many comparisons to previous pre-bull run market periods, especially to the most recent one in 2017 where startling parallels are becoming apparent in sentiment, search interest and even accumulation phases.

In both periods, many are pointing to evidence that Bitcoin was gearing up in terms of use and adoption, alongside growing investor interest. But one major difference, according to Indexica, is that the types of conversations and their contents, in relation to Bitcoin, have matured by leaps and bounds over the last few years,

According to Bloomberg, to support their claim, the group created a custom index processing the language contained in thousands of text documents which were related to cryptocurrency and Bitcoin. It found that professional discourse has grown throughout this year and shows three key growth drivers:

“…a more complex conversation surrounding Bitcoin, fewer concerns about fraud and a shift in the tense of how Bitcoin is talked about from the past to the future.”

They measured the quality of discussions as “Complexity of Bitcoin”, and said that this made up almost a quarter (24%) of Bitcoin related conversations, attributed to enhanced quality thanks to more academics and blockchain professionals now talking online, compared to several years ago.

So, fewer Lambos, fewer moon sightings, more actual science? That seems to be the case.

 

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Nasdaq, Bloomberg, Reuters List CoinMarketCap Crypto Indices

Nasdaq, Bloomberg, Reuters List CoinMarketCap Crypto Indices

A number of major financial data feeds will now list two cryptocurrency benchmark indices provided by CoinMarketCap, as revealed in a blog post by the crypto markets monitor today.

The platforms involved in the launch include Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon and Germany’s Börse Stuttgart.

The first index has been dubbed CMC Crypto 200 Index (CMC200), including Bitcoin and over 90% of the aggregate cryptocurrency market. The second, CMC Crypto 200 ex BTC Index (CMC200EX), will track the cryptocurrency market performance without Bitcoin’s 50% market capitalization.

Independent German index provider Solactive AG will be responsible for calculating and administering both indices in line with the stated methodologies. Solactive AG has calculated the Cboe Bitcoin Futures index since the latter’s launch in December 2017.

Fabian Colin, Head of Sales at Solactive AG hinted that there may be more indices to come in a statement cited in the post: ”We are looking forward to developing more crypto indices in the future, which will optimistically result in investable indices and might lead to further products.”

CoinMarketCap also noted that the indices will be ”prominently displayed” on its own website, stating it as ”the most-trafficked site in the cryptocurrency space”.

 

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Millennials Could Drive Crypto Industry by Ditching Banks

Millennials Could Drive Crypto Industry by Ditching Banks

The current levels of cryptocurrency adoption by millennials is seen by many analysts as a negative sign for traditional banking as more and more of this age group become disillusioned by the current financial system.

The general view borne out by much research on the subject is that millennials simply don’t trust banks. Research conducted last year by Edelman Intelligence, a global, research and analytics consultancy owned by Edelman, the world’s largest public relations company, showed that 77% of prosperous millennials feel the traditional financial system is “designed to favor the rich and powerful”.

The statistics are revealing, and that lack of trust led to the same nearly 4 out of 5 respondents to predict that another global finance crisis was imminent due to the banking system’s “bad behavior”. Another 75% were worried that the global financial system was at risk of being hacked, causing the respondents concern about the potential loss of their own private financial information.

Thus millennials are putting their faith elsewhere, as the figures illustrate: some 17.2% of millennials own cryptocurrency. According to Edelman’s study, a quarter of wealthy millennials own cryptocurrencies, a further 31% are interested in crypto, and a huge 74% put their faith in blockchain as a far safer system than the global financial space is currently able to offer.

Another survey by Sustany Capital showed that 88% want to invest in cryptocurrency and 42% like to “use cryptocurrency as savings”. The switch from conventional banking becomes more feasible for many given more education, with another survey revealing that 97% of surveyed millennials and generation X’ers said they would like to learn more about the workings of cryptocurrency. Many felt that they would be more likely to invest with financial advice demonstrating a potential professional gap in the market.

As millennials search for a whole new way of conducting their finances in a way where they can help themselves, rather than simply feed banking institution profits, cryptocurrency is becoming considered far more seriously than the early days where it was seen by this age group as just a hit or miss gamble.

As for Bitcoin’s stability, much disputed in 2018, Bloomberg shows that even with the price of the cryptocurrency dropping by 80%, the total number of users starting in the same period has doubled to 35 million.

 

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Crypto Fund Strategies Edge Out Hedge Fund Models

Crypto Venture Fund Strategies are Beating Hedge Fund Models

A report from Bloomberg shows the changing nature of cryptocurrency investment, with crypto venture fund strategies surpassing their hedge fund counterparts for the first time.

The reason for this shift is suspected to be the changing conditions brought by the ongoing bear market and the collapse of initial coin offerings (ICOs) in the wake of the increased regulation from the US. The prices of tokens fell up to 90% last year, meaning investors wanted out and venture funds replaced them, entering with purchases at cents on the dollar.

Jeff Dorman, partner and portfolio manager at Los Angeles-based Arca, explained to Bloomberg the benefit for the venture capitalists, saying that it was an opportunity to ”buy below even the cash value of the company”.

Last year, 125 new cryptocurrency venture funds launched, compared to 115 investment-oriented cryptocurrency hedge funds — a stark difference to 2017 that saw 136 hedge funds and just 85 venture funds emerge.

This change is perhaps not surprising; Eurekahedge Crypto-Currency Hedge Fund Index reported average losses of around 70% for crypto hedge funds in 2018.

Despite poor performances, several hedge funds told Bloomberg they are seeing an influx of institutional investors. “We are talking to a lot”, one contributor added.

 

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Fidelity Bitcoin Custody Service Coming in March

Fidelity Bitcoin Custody Service Coming in March

Multinational financial services corporation Fidelity Investments is reportedly giving itself a March deadline to launch its Bitcoin custody service. Bloomberg reports three people familiar with the matter confirmed the March target, although the sources were not named.

The cryptocurrency custody solution is being developed to service the much anticipated institutional investors entering the market; retail investors will be unable to access the service when it does launch.

The cryptocurrency storage service was first announced in October last year, with Fidelity betting it is only a matter of time before Wall Street investors move to the cryptocurrency market. CEO Abigail Johnson said at the time: “Our goal is to make digitally native assets, such as Bitcoin, more accessible to investors.”

Johnson has advocated in favor of cryptocurrency for years, introducing Bitcoin and Ethereum mining at Fidelity in 2017. Clients have also been able to access balances from their Coinbase accounts on the website for several years.

The sources also disclosed to Bloomberg that an Ether custody solution would be the next focus for the firm.

Fidelity Investments administers over USD 7.2 trillion in customer assets and is based in Boston, USA.

 

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Sleeping Bitcoin Whales Could Make the Market Splash in 2019

bitcoin, 2019, whales

The early movement in the reactivated dormant Bitcoin (BTC) wallets in 2019 indicate that prices may soon see some bearish movement, according to analysts.

According to Bloomberg’s data analysis compiled from research by a crypto analytics startup — Flipside Crypto, BTC is being transferred from accounts, many of which have not been active between the period of six and thirty months. Research shows that wallets active in the last month represent about 60 percent of total bitcoin in circulation.

Flipside maintains that the active supply of Bitcoin is on the move, leaping 40 percent since the summer of 2018, representing “a big shift” according to Eric Stone, head of data science at the company. Flipside CEO David Balter said this activity is due to long-term holders coming back on board after sitting out the volatile market since 2017. Balter sees that this could continue, with little doubt in his mind that many long term “hodlers” won’t wish to sit on the sidelines for another two years, commenting that there is now, “more potential than usual for price swings.”

Other analysis, compiled in October 2018 when this market trend began, put together by blockchain research firm Chainalysis, reported that only a third of so-called Bitcoin whales were active traders, buying only on price declines, concluding that whales were not responsible for price volatility.

With around 1000 wallet addresses reportedly owning a staggering 85 percent of all bitcoins, the awakening of some of these dormant accounts in the near future could have a significant impact on the Bitcoin price in 2019 and ultimately the entire cryptocurrency market.

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Nasdaq Bitcoin Futures Confirmed

Nasdaq Bitcoin Futures Confirmed

Just last week, Bitcoin News reported Bloomberg’s findings on the world’s second largest stock exchange’s plan on moving forward with Bitcoin futures listing. This week, Nasdaq has cleared the air of all speculation by confirming this.

UK news outlet Express heard it from the horse’s mouth yesterday that Nasdaq would definitely be launching its Bitcoin futures within the first half of next year. This was obtained from two credible inside sources from within the organization.

Vice president of Nasdaq’s media team Joseph Christinat told an Express point man: “Bitcoin Futures will be listed and it should launch in the first half of next year – we’re just waiting for the go-ahead from the CFTC but there’s been enough work put into this to make that academic.”

Christinat added, “We’ve seen plenty of speculation and rumors about what we might be doing, but no one has thought to come to us and ask if we can confirm it, so, here you go – we’re doing this, and it’s happening.”

The current market trends might just be in need of a good news as this, in particular, is of more interest to institutional investors. However, this has a way of rippling into other mainstream financial affairs. The most likely of all institutions to feel the most impact would be traditional banking institutions, as the move will enlighten them on the serious roles cryptocurrency has in the future of finance. More so, it may be a step closer to legitimizing the market.

From Joseph’s statement, it would seem that they are no strangers to the development of both the blockchain technology and the cryptocurrency market, as he does emphasize on the efforts of the exchange toward engaging with the new venture.

“We got into the blockchain game five years ago, and when the technology first popped up we just leaned out of the window and shouted “hey come over here” right at it.”

However, the most assuring is that the exchange has spent so much on achieving this milestone:

“We’ve put a hell of a lot of money and energy into delivering the ability to do this and we’ve been all over it for a long time – way before the market went into turmoil, and that will not affect the timing of this in any way. No. Period. We’re doing this no matter what.”

Right now, all that’s left for the exchange is the final confirmation from the CFTC. This would also be the case with other players who are currently looking to launch their Bitcoin futures too. In the case of VanEck partnering with SolidX for a physically-backed Bitcoin exchange-traded fund (ETF), they are simply waiting on the US Securities and Exchange Commission (SEC) for approval.

 

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Coinbase Shoots Down IPO Plans, Plans 300 Crypto Listings

The President and Chief Operating Officer (COO) of prominent US-based cryptocurrency exchange platform Coinbase shared in an interview on Wednesday that there were no plans for an initial public offering (IPO) any time in the near future.

Instead, Coinbase will reportedly be focusing on a number of new diversifications, including listing up to 300 different coins.

Speaking to Bloomberg, Asiff Hirji responded to questioning regarding whether a Coinbase IPO was on the cards for 2019, saying, ”There’s not going to be an IPO any time soon. We have so much to do.” This shot down rumors stirred by CNBC host Ran Neuner in a Twitter post last week.

Hirji, who himself first brought up the potential for an IPO in 2017, does not rule out taking the company public when the time is right, although says diversifying revenue streams and adding more features to the platform is the top priority right now.

Bringing up the topic of expanding Coinbase’s cryptocurrency listings, the COO revealed plans to multiply the current standing of seven listings up to somewhere between 200 and 300 in the next year. Some of these will be offered in the US but the majority will be offered outside of the country, he shared, because of the Security and Exchange Commission’s (SEC) strict regulatory guidelines.

Another key area in future diversification Hirji pointed to was areas of the business that caters to institutional investors.

Over time, Hirji expects ”Coinbase institutional”, as Bloomberg’reporter referred to it, to become a large chunk of the company’s revenue source, ”more than its fair share”. Coinbase’s revenue model is right now 100% transactional, while diversification efforts could provide new avenues, such as fee-based custody services adding more stability and predictability to the revenue stream.

Upon completion of a new funding round that raised USD 300 million, Coinbase Inc is now valued at approximately USD 8 billion.

 

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Mike Novogratz: Institutional Investments in Bitcoin During Q1 2019 to Bring New Highs

Notorious Bitcoin bull and seasoned investor Mike Novogratz no longer stands by his USD 10K Bitcoin price prediction for 2018, instead suggesting that institutional investors may push it to that total early next year.

Novogratz’s comments came in a Bloomberg Television interview where he defended his previous prediction, saying the cryptocurrency process has been a learning curve with everything taking ”longer than expected.”

He compared the whole crypto ecosystem to a fourth grader being expected to materialize into a graduate. One of the issues Novogratz pointed to is the need for internal committees and testing to solve custody problems that leave investors ”screwed” if anything illicit happens to their assets.

The conversation turned to Fidelity Investment’s announcement of a ”world-class custody solution,” to quote Novogratz, aimed at institutional investors. Considering cryptocurrencies as bare financial instruments, this class of investors has been held back from entering the market due to uncertainty surrounding the storage of cryptographic keys that allow access to the assets

Fidelity is offering them insurance that they can place their bets with cryptocurrency knowing that they won’t lose their money in an illicit way.

Combined with Goldman Sachs’ crypto custody solutions in the works, Novogratz believes that ”slowly but surely institutional investors are becoming more comfortable with the whole asset class.” As he reasons it, the institutional flow of capital can be expected in Q1 of 2019, or early Q2.

Being a Bitcoin trader himself, Novogratz has shared that right now, he is going long. In defense of Bitcoin’s mid-week stumble last week, he argued that it is still a young asset that certainly is not without volatility. Meanwhile, he stands firm on his belief that it is a valuable store of value, particularly in countries facing economic crises such as Iran and Venezuela.

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