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However, a developing catalyst could be the launch of the China-backed central bank digital currency (CBDC). Jack Lee, a founding partner at HCM Capital, believes that China’s central bank is ready and the digital currency could be launched within the next two to three months. If this experiment is successful, it would likely force the other developed nations to follow suit.
Financial professionals think Bitcoin is likely to outperform the S&P 500, Bloomberg Barclays Bond Index, and the House Pricing Index in the next 12 months, according to a new survey. Chainalysis, a blockchain analysis company, just polled 350 finance professionals, asking a variety of questions relating to Bitcoin and cryptocurrency. Nearly half of the respondents – the largest group – say Bitcoin will have the highest growth rate in the next year when compared to other investment categories like equities, fixed income bonds and housing.
“A critical link — perhaps the critical link — in the institutional adoption of bitcoin is custody. When investors have ready access to regulated custodians whose security and processes they trust, the full potential of this emerging asset class and technology can flourish,” said Bakkt COO Adam White in a blog post announcing the full launch of Bakkt institutional custody.
China is on a fast track to becoming a global digital currency power.
Billionaire Michael Novogratz warns that the country might undermine the United States’ reserve status. Some politicians are wary about embracing cryptocurrency networks.
Reportedly, the service will be available to only the users of the app in the US. It will be unavailable in Alibaba’s largest market, China. Nevertheless, Alibaba saw a 24% increase in its international revenue which now accounts for about 10% for total revenue. In 2018, the Giant recorded annual revenue of $35.8 billion.
The great bitcoin reward halvings are coming and many newcomers have not experienced a halving event unless they joined the crypto community prior to 2016. A few speculators believe bitcoin miners and whales are hoarding coins right now until after the adjustment so prices will be driven up. Moreover, for the first time, crypto proponents will observe how both BTC and BCH deal with the reward reduction as both networks are mined by some of the same pools.
Bithumb Global has launched a native coin for Bithumb Chain, the exchange’s custom blockchain. Launched under the “BT” ticker, Bithumb Coin will work as a medium of exchange for the ecosystem, the company told CoinDesk in a statement Tuesday. The Bithumb Chain itself is expected to launch sometime in the first quarter of 2020.
Bitcoin’s mania caused a major influx of retail, especially toward the end of the 2017 bull run. 2017 was a significant year for Bitcoin considering the development and launch of Bitcoin Futures. Both CBOE and CME launched Bitcoin Futures in December 2017; however, CBOE, the first to introduce BTC Futures, announced in March 2019 that it would stop adding Futures contracts. CME’s Bitcoin Futures contracts continued gaining traction.
The FATF’s recent guidelines have widespread implications on what private information exchanges need to track and collect from customers. Here are some insights on the recent regulation from CipherTrace’s Nov. 5 Cryptocurrency Travel Rule Compliance Conference and Hackathon.
It’s been days since a bearish sentiment targeted the Bitcoin market. The crypto has been struggling to remain within the support level range for a while. A few days ago, the price took a sharp dive, dipping below the $9k mark. Expectedly, this move sent a shock across the entire crypto market and affected numerous other coins. It’s a fact that Bitcoin’s price movements often affect the rest since it’s the most valuable and popular crypto with the largest market cap.
After surging towards $9,300 yesterday, Bitcoin’s bulls have once again surrendered to bears, leading BTC to plummet back below its key support level at $9,000. This overnight movement has once again led the cryptocurrency back down to its previous support level at $8,700, and it is showing few signs of having any strength at the moment. Analysts are now noting that $8,700 could be an ideal region for traders to enter fresh longs, but that a decisive break below this level could spark a sharp selloff that sends BTC towards $8,100.
China’s expenditure on blockchain technology is expected to increase with an annual compound growth rate of over 65% and to exceed $2 billion in 2023, reads a report by global market intelligence firm IDC. According to the IDC report, this year most blockchain expenditure went to the banking sector. Researchers expect that with the growth of blockchain use-cases in such industries as manufacturing, retail, and professional services, China will be ready to invest more in developing blockchain technology solutions for the above-mentioned industries.
Whether BTC will grow its popularity and invite new fund inflows is still an uncertain guess. But if a halving rally does start shaping up like the predictions on different charts, some kind of a bullish price run may materialize. The probable day of the halving, May 15, 2020, arrives with varying Bitcoin price predictions, ranging from $16,000 to as high as $60,000. The actual inflows of funds into BTC are difficult to determine, as they come from multiple sources, including fiat, but mostly stablecoins.
Topmost cryptocurrency expert and co-founder of top cryptocurrency exchange BTCC Bobby Lee made some bullish predictions for Bitcoin in the mid-term to long-term sources indicate. Lee made this known via a couple of tweets which indicated his stance on how the current topmost cryptocurrency will fare within the next eight years.