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Crypto News Updates

eToro’s New Bitcoin Account Incentives Are So Good, They Had To Disable Buy Orders

The cryptocurrency market is trending once again, thanks to Bitcoin’s big breakout and rally beyond $40,000. Altcoins are also following the BTC’s lead, which in turn has sparked massive FOMO amongst retail investors, alongside institutions.

Investors are flooding eToro like never before, causing new user registrations to grow 25 times the number the company was seeing the year prior. But it isn’t all due to Bitcoin, eToro themselves are also offering an incentive that is just too good to pass up.

eToro New Users Growth Surges 25x Over Same Timeframe 2020 

To celebrate Bitcoin’s historic rally, trading giant eToro has begun offering US-based investors a free $500 reward bonus for doing nothing more than registering a new account and depositing over $5,000. 

Users are flocking to cryptocurrencies as is, but with eToro offering what is essentially a ten percent deposit boost for opening an account, over 380,000 new accounts got created in only 11 days. That’s roughly 35,000 news users each day.

The New Account Bonus Offer That’s Too Good To Pass Up

eToro is also taking steps to protect those users from the unprecedented crypto market volatility. For one, margin trading accounts were disabled to avoid investors losing funds due to being over-leveraged in a rapidly swinging market. 

The company is also considering pausing buy orders during the weekend when volatile and volume is the highest.

“We did this in response to the volatility in crypto markets, and we believe it was the most prudent action to take,” eToro spokeswoman Amy Butler said. 

Learn More: Trade Bitcoin and Altcoin Volatility On eToro 

Last weekend, BTC price dropped a full $10,000, resulting in extreme volatility – volatility that the platform aims to protect its users from.

eToro offers crypto investors more than just Bitcoin. Other altcoins listed on the platform include Ethereum, Litecoin, Dash, Cardano, EOS, NEO, Tezos, and many more.

The platform also offers several unique cryptocurrency market features, such as copy trading and a live social feed of top crypto traders and investors from around the US.

To learn more about eToro’s features, its growing list of cryptocurrencies, and to take full advantage of the incredible $500 new account bonus the community is clamoring about, visit eToro.com.

Disclaimer: This offer is only available to eToro users in the US. 

 

 

 

Source: Bitcoinist News

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Crypto News Updates

How RAMP DeFi Maximizes APY on Your Staked Crypto Assets

The growth of decentralized finance (DeFi) has exploded over the last year, beginning with less than $1 billion in total locked value to almost $20 billion currently. DeFi has created transactional opportunities that were previously impossible without blockchain technology, unlocking additional value for users that was previously captured by third parties. With the explosion of DeFi applications, more cryptocurrency users are discovering ways to generate additional yield on their cryptocurrency holdings, both actively and passively.

Examples of how a user can generate additional value through DeFi is by providing liquidity to a decentralized exchange or insurance platform, lending their cryptocurrency, or by staking. Staking is the process of locking up tokens in a network in order to help validate transactions and to serve as collateral against bad actors who may try to exploit the network.

How Does Staking Work?

There are a few methods that allow for a blockchain network to verify its transactions, with the two most popular being Proof-of-Work (PoW) and Proof-of-Stake (PoS). PoW, the verification method the Bitcoin blockchain uses, requires specialized computing equipment and large amounts of electricity to validate transactions and for miners to receive rewards. With PoS, no specialized equipment or power is needed; all that is required is the native currency of the network to be used as collateral. With this method, users can participate in validating the network’s transactions and receive rewards by locking their tokens into a smart contract. If a malicious staking party tries to take advantage of the network, they are punished by having a portion of their stake slashed.

With Ethereum moving to a PoS verification model, ETH owners have a new way to generate yield on dormant ETH. Now, all that is required for a user to earn a yield on their holdings is to lock Ether into the ETH 2.0 staking contract for a fixed period. While Ethereum is a widely used and established crypto network, many much smaller networks have also implemented staking. Some of these platforms offer extremely high annual returns when compared to traditional finance, albeit with more inherent risk. Until now, there hasn’t been a way to stake funds in a smaller network while simultaneously being able to use that value to generate yield on a more established platform like Ethereum. This is where RAMP DeFi comes in.

Gaining Additional Yield

The DeFi sector is still in its infancy, but the amount of innovation in the space is breathtaking, with original new projects popping up on a regular basis. With the focus on DeFi revolving around Ethereum, the largest decentralized smart contract platform, many users want to get involved in the ecosystem but are hampered by having their money tied up in other networks. A solution has arrived courtesy of a platform that allows users to unlock the value staked in non-Ethereum networks: RAMP DeFi.

RAMP DeFi is a novel platform that allows its users to take full advantage of the value of their staked tokens. With RAMP, a user can actively extract the value staked on a non-Ethereum network and bridge the asset onto the Ethereum blockchain, enabling them to remain their stake while also having the ability to generate additional yield. Since the majority of DeFi activity takes place on the Ethereum network, this allows stakers in other networks to get the best of both worlds.

If a user is technologically savvy and willing to experiment, there are a lot of new ways to generate impressive yields on cryptocurrency holdings. As DeFi becomes more mainstream and accessible, new methods are being created to increase value, such as unlocking additional liquidity from staked assets. Innovations such as RAMP allow users to push the envelope and experiment with different methods to increase the profitability of their assets. The result? More crypto earnings and more opportunities to generate a passive income.


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

 

Source: Bitcoinist News

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Crypto News Updates

Stefan Thomas Is Okay with the Recent Loss of His BTC Fortune

Recently, Live Bitcoin News published a story about Stefan Thomas, a San Francisco resident originally from Germany that had only two tries left to access his locked bitcoin stash. Here is an update for all who may have been worried about his situation.

Stefan Thomas: Finding Peace Through Loss

Thomas has all his digital funds stored in a special kind of wallet known as Iron Key. The wallet is built to be stronger than standard wallets and less susceptible to fraud and theft. The big clincher is that a person has about ten separate tries to enter their password and login information. If, after those ten tries, the data proves false, Iron Key encrypts all the data held within and becomes lost forever.

Thomas, at the time of writing, has tried eight times to gain access to the funds in question. While he still has two tries left, he says that he cannot remember the password associated with the wallet, and that he has “made peace” with the huge financial losses he’s enduring.

This is a big step for the programmer considering – as stated in a recent interview – that he has as many as 7,002 bitcoin units stored within this device. That would be worth around $250 million today. Sadly, he has not been able to remember his password or access his funds since 2012. Thus, nine years have passed with no success, and it appears Thomas is finally okay with the situation.

In his interview, he comments:

Time heals all wounds… There were a couple weeks where I was just desperate. I don’t have any other word to describe it. You sort of question your own self-worth. What kind of person loses something that important?

Thomas, at one stage, became so eager to try and gain his money back that he sought assistance from people across the globe through the internet. He says that the suggestions they offered were sometimes as unique as the situation itself. He mentions:

One person suggested, ‘have you tried the word password?’ Some people have recommended various mediums, psychics, prophets that I could talk to. Some people are suggesting nootropic memory-enhancing drugs.

Eventually, Thomas decided that his “self-worth” couldn’t be established through financial means, and he had to look at the situation from a different angle. He also says that he’s not a huge fan of being his own bank. He states that there are financial institutions in the world to do these kinds of tasks for people, and that the moment individuals seek to take on responsibilities they cannot handle, trouble will likely stir.

We Are Not Meant to Be Our Own Financiers

He says:

This whole idea of being your own bank – let me put it this way. Do you make your own shoes? The reason we have banks is that we don’t want to deal with all those things that banks do.

The post Stefan Thomas Is Okay with the Recent Loss of His BTC Fortune appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Crypto News Updates

The Countdown is on: Bitcoin has 3 Days Before It Reaches Apex of Key Formation

  • Bitcoin is seeing relatively lackluster price action today, with it consolidating within the mid-$30,000 region as altcoins all explode higher
  • Where the entire market trends in the mid-term should depend largely on whether or not Bitcoin bulls can establish $37,000 as support
  • The crypto has tested this level on a few occasions overnight, and it has been holding strong
  • One analyst is now noting that BTC is likely to range for the coming few days as it nears the apex of a massive triangle formation
  • He notes that altcoins may all rally until it breaks out, which could allow it to regain its dominance over the market and surge higher

Bitcoin is seeing an interesting divergence with the aggregated crypto market today, with Ethereum and altcoins all rocketing higher while BTC hovers within the mid-to-upper $30,000 region.

The crypto has continued struggling to gain any serious momentum due to the heavy selling pressure around $40,000, which has sparked a consolidation phase.

This sideways trading bout has been bullish for altcoins, as many have posted notable gains as the benchmark crypto cedes some of its dominance over the market.

One trader is noting that this trend could last for a few more days until Bitcoin reaches the apex of a large triangle pattern that has been formed throughout the past few days.

Bitcoin Struggles to Gain Momentum as Consolidation Phase Persists 

Bitcoin has been hovering within the mid-to-upper $30,000 region for the past few days, with bulls and bears both being hit hard by a choppy bout of trading.

This has given rise to a market-wide boom amongst BTC’s smaller counterparts, with Ethereum leading the charge with a 7% surge against its BTC trading pair.

Many DeFi tokens have exploded higher, with Sushi, Aave, and others all setting all-time highs.

BTC Likely to Consolidate for 3 More Days; Here’s Why 

One trader explained in a recent tweet that Bitcoin could be on the cusp of seeing a major breakout rally, but that it will likely take a few days before this can take place.

In the meanwhile, he believes that altcoins will continue seeing further momentum.

“Three days until bitcoin reaches any ‘relevant’ apex – this means three more days of having fun with altcoins.”

Bitcoin

Image Courtesy of Teddy. Source: BTCUSD on TradingView.

The coming few days should provide insights into where the market will trend in the mid-term, as any significant Bitcoin breakout or breakdown could send altcoins reeling lower.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

James Howells Is Working Extra Hard to Get His Lost BTC Back

Imagine having a lot of money stored up in a safe somewhere. Before you even realize it, you’ve somehow lost the safe’s key only to find that it went out with the rest of your everyday trash. It wasn’t something that you meant to do… It just kind of, well… happened. For 35-year-old James Howells, this is the reality he’s currently facing after realizing that he threw out some hard drives containing quite a bit of bitcoin with the rest of some unwanted materials.

James Howells Really Wants His BTC Back

While moving out of his home roughly eight years ago, Howells thought like most people do when they’re shifting locations, “How can I make this easier on myself? What useless junk that I don’t need anymore can I just get rid of to lessen the burden of what I’ll have to take with me?” It turns out two of the items he threw out were identical hard drives that went with his laptop along with the cryptographic private keys that he required to access the heavy stashes of bitcoin they were storing.

Naturally, Howells was rather devastated when he realized what had happened and is now asking permission from city officials to search a local landfill site for the hard drives, claiming that they could still be recovered and that the contents held within could be reclaimed.

He mentions in an interview with CNBC that while the outside of the hard drives may be damaged at this point, the interiors are likely to be remain in solid shape. He states:

There is a good chance the platter inside the drive is still intact. Data recovery experts could then rebuild the drive or read the data directly from the platter.

Overall, it is estimated that there were about 7,500 bitcoin units on these hard drives, which today would be worth a whopping $280 million. Despite the provable fact that the bitcoins were once his, he still needs the greenlight from members of the city council to search the dump where the hard drives are likely to be. As it stands, searching through the landfill area on one’s own is considered a criminal offense, as the spot is cut off to members of the public.

Giving Back to the Community

In return for permission, Howells says he’ll donate one quarter of the hard drives’ contents to a COVID-19 relief fund as a “thank you” for allowing him to get his funds back. Unfortunately, this has not been enough to sway the people in charge, who claim to be concerned about both environmental issues and funding. Thus, all his requests have been turned down so far.

Howells, of course, isn’t too happy about this, claiming that the city council won’t even hear his arguments regarding what the plan is for getting the hard drives back.

The post James Howells Is Working Extra Hard to Get His Lost BTC Back appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Crypto News Updates

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

Sui Generis Pty Ltd est. 11.11.11 in Gold Coast, Queensland, Australia is a privately held organisation that specializes in medical innovation, research and development. We have a lean international team and work with world class developers to economically bring quality projects to fruition for you.

Our first project ethrift.io is an Australian AUSTRAC registered non-custodial digital currency exchange. At launch it features AUD/ETH ETH/DAI trading pairs and DSR savings vault. Our system allows for the instant payments from traditional banking FIAT systems using New Payment Platform (NPP) services PayID and Oska and the customers cryptocurrency is received directly to their eth-wallet.

ethrift.io is a non-custodial service meaning that the customer retains ownership of their crypto and secures their own private keys. This exchange platform is a vertical integration and represents the onboarding mechanism for our greater ecosystem. There are no other exchanges domestically offering this solution. We also have many forthcoming features and major projects that are incredibly innovative and useful. This project also supports rapid multinational expansion; we are going from Australia to New Zealand and Thailand then India and Fiji in 2021.

The objective of ethrift.io is to facilitate the safe onboarding of newcomers to the crypto space and promote the ownership of one’s own digital assets. We do this by providing MetaMask integration so that we may deliver digital currencies directly to your wallet upon purchase, using New Payments Platform (NPP) processing systems PayID and Osko.

ethrift.io is intended to be a simple and friendly portal to get started using the blockchain and is the gateway to our greater ecosystem. The first build is completed and we are planning a soft go-live, end of January, in concert with the private presale for our RIFT token which will have utility in all our projects. The first use case will be provided through a multi tier VIP Staking Partnership with Ferrum Network where our early adopters can earn significant rewards.

First Major Update

Included in the first upgrade to ethrift.io, due 4 months from launch, are system improvements for optimisations to improve speed and reduce costs for customers and the platform itself, backend risk mitigation and transaction monitoring tools, enhanced onboarding and KYC procedure, and upgrades to access more features of Monoova API. Notable new features will include an innovative multiswap protocol, defi lending pools, token holders rewards program, new premium tokens including DOT, wrapping with RENBTC and integration for our own RIFT token to enable favourable rates and features.

Next Project

omniCAT will be teased in our genesis NFT campaign and the forthcoming collectible series. This new platform will be a game changing open sourced and decentralised biometrics screening tool that can improve the lives of many and holds potential for a multitude of applications for individuals, private companies and public and government organisations. The purpose of this project, from a consumer perspective, is to empower patients to own, understand and contribute to their health data; and from a health organisation and public health perspective to empower junior and nursing staff to have confidence in making clinical decisions, standardisation of interpretation, processing of health data, case identification, knowledge sharing and shared decision making, monitoring of population and many other applications. Currently health data is all siloed; most will just be lost and are not used in a proactive and actionable way, we intend to leverage Ai-ML to actively process, interpret, analyse data to the benefit of our customers health. This private blockchain system built on HyperLedger with BESU is true to our calling as a medical innovation, research and development company. RIFT token will be required to access this platform. This project has a 150 day build time following the launch the aforementioned exchange.

Vision

Our vision is to establish a multi-site Hospital and Health Service supporting residents of Pacific Island nations and empowering those diligent and hardworking people with the blockchain tools of open healthcare, and decentralised solutions for open banking and free-market enterprise so that they may rise above the hardships they face. This implementation requires a multi-node hospital network supported by a roaming Scientific Research and Humanitarian Aid Vessel equipped with various innovative rapid transport and emergency retrievals vehicles and aircraft. We plan to execute a multitude of projects all designed to generate revenue and develop the competencies required to achieve our vision.

“The motivation behind this goal is driven by the accomplishments of my late grandfather, who passed in 2020. This is the greatest man i have known, simple, diligent and hardworking; he loved God and gave so much for many people. He worked the fields in Fiji as a sugar cane farmer and raised my mother to be Doctor thus giving her and me a life that he could never have hoped for. He was successful through ingenuity and community; forming a syndicate of farmers he was able to improve the circumstances of an entire community and they faced many hardships, together. This is something that I have only ever dreamed and so now I seek to perpetuate my grandfather’s vision in his home country for this generation and the next.”hari

Our team members hold positions as healthcare and legal professionals. We primarily operate through a corporate entity Sui Generis est. 11.11.11 [86154229875] with a registered office at Gold Coast, Queensland, Australia. The core skills of our team are; primary and tertiary healthcare, business and law

Hari K Muralidharan [Gold Coast, Australia]
David Chung [Brisbane, Australia]
limechain.tech development team [Sofia, Bulgaria]

Hari K Muralidharan

“Born in New Zealand; I grew up all over New Zealand and Australia and now I live at Gold Coast in Queensland, Australia.. My dad is from India and mom is indian from Fiji, they are both doctors and divorced when I was young. My father’s family is from Anna Nagar, Chennai and my mother’s adoptive parents are from Salem, Tamil Nadu. I work for Gold Coast Health state-owned Hospitals and Health Services in Clinical Governance primarily at Gold Coast University Hospital. I also run my own companies in the private sector Gold Coast Medical Corporation and our own Sui Generis Pty Ltd both are healthcare-focused. I went to high school at Somerset College, Gold Coast and university at Bond University and Griffith University. Co-founder David and I met in high school 9th grade, we are as brothers and went to law and business school together. He went on to practice Law while I favour Healthcare.”

David Chung

“I am a co-founder with Hari, we’ve known each other since early high school and we grew up together on the Gold Coast. I now live in Brisbane, Australia, where I run a commercial law firm which I founded in 2017. My area of speciality is startups and early stage businesses and blockchain and crypto law. I also have a connection with the medical/health field as I co-founded a health-tech startup in 2016 which is one of the largest telehealth solutions in Australia for psychology services. Feel free to reach out to me directly if you have any queries regarding our exciting project ethrift!”

limechain.tech our developers in Sofia, Bulgaria and the product ethrift.io and omniCAT can be verified to exist through them or by our legal services at creolegal.com.au and we can be contacted at the socials below.

Hari Kaushul Muralidharan: https://www.linkedin.com/in/haribo/
David Chung: https://www.linkedin.com/in/davidachung/

Our Roadmap

 

Q1 2021 ethrift.io Soft Launch

RIFT Token Generation

Private Token Presale Round 1

Ferrum Network VIP Staking

DexTools Sponsorship

Private Token Presales Rounds 2 and 3 (Tentative)

ethrift.io Hard Launch

Q2 2021 Public Token Sale

Begin omniCAT Development

Begin ethrift.io First Major Update

Foster New Zealand Partnerships

Bring Thailand Team Online

Q3 2021 Deploy ethrift.io First Major Update

omniCAT Launch

Foster Thailand Partnerships

Q4 2021 Begin New Zealand Integrations Development

Begin Thailand Integrations Development

Focus Team Building

2022 Continue Development of International FIAT Onramps

Implement omniCAT Strategic Marketing

Begin Pacific Islands Hospital and Health Service Strategic Planning

Deploy DAO

Thank you for your support!

Regards,

Hari K Muralidharan
Managing Director
Sui Generis Pty Ltd

Australian Business Number 86 154 229 875
AUSTRAC Registered Digital Currency Exchange Provider No. 100567087-001
Gold Coast, Queensland, Australia

Web: ethrift.io
Telegram: t.me/ethrift
Twitter: @eth_rift
Reddit: r/ethrift
Medium: @ethrift
Email: support@ethrift.io

The post Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Crypto News Updates

Bitcoin Suffers Another Fall; Shaves Off $5,000

Bitcoin is ending the week with another dip added to its roster. The currency – which less than 24 hours ago was trading in the low $40,000 range again – has fallen by about $5,000 at the time of writing and is now trading for just over $35,000.

Bitcoin Has Experienced Another Major Slip

With the first few weeks of January in the books, it appears bitcoin is having difficulty making up its mind about where it wants to be for now. Initially, the currency hit a new all-time high of roughly $40,000 during the first moments of the month, though for the most part, it’s had a hard time retaining this position, with several major dips now under its belt in the new year.

This is rather discouraging to most traders and analysts alike, with many members of the latter category claiming that 2021 would somehow remain a bullish year for bitcoin. To be fair, we are still early in the year, so it would be incorrect to assume that the patterns of the last few days would somehow be reflective of the currency’s coming weeks, though it’s never a good sign to see bitcoin so indecisive regarding its place on the financial ladder.

This is now the second major dip that bitcoin has experienced in recent days, with the first taking bitcoin down by roughly $7,000. Following that slip, the asset didn’t take much time to recover, so it’s certainly possible that bitcoin will follow suit after this fall, though now it’s a matter of waiting and watching.

Some industry experts are claiming that the recent price swings have to do with Wall Street’s sudden involvement in the crypto space. They claim that many Wall Street firms are beginning to fawn over companies and startups that are somehow involved in digital assets, though the fact remains that many of these firms understand little when it comes to crypto. They are getting involved simply because it’s the thing to do, and this is not giving the crypto space the real support it needs.

Michael Every, a global strategist at Rabobank, explained in a recent interview:

Wall Street just drools over the word ‘crypto’ any time it sees it without understanding any of this at all. It’s not a surprise Wall Street does so, as anything that shows an exponential price increase would get their interest.

In addition, many technical analysts are having a hard time predicting if bitcoin will fall further or potentially rise in the coming weeks. Only recently, they claim, did signs appear on many technical charts suggesting that bitcoin was being overbought.

Let’s Not Drop Below This Level…

Craig Erlam, senior market analyst at Oanda Europe, states:

While $35,000 may provide an interesting test, the only level that really matters is $30,000. A break of this could trigger a much sharper correction.

The post Bitcoin Suffers Another Fall; Shaves Off $5,000 appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Crypto News Updates

The Latest Example of Crypto Crime Involves Some Unlikely “Fishermen”

Crypto crime cannot, should not, and must not be tolerated. This is the newfound attitude that we’re seeing as of late as the digital currency industry becomes more mainstream and legitimate. Unfortunately, with the rise of bitcoin and so many other cryptocurrencies in recent months, it appears that many individuals out there are taking chances and engaging in crypto crime so they can garner assets that don’t naturally belong to them.

Crypto Crime Continues Despite Many Efforts to Stop It

The most recent case of crypto crime involves a set of darknet drug dealers. It is estimated that these individuals possessed as many as 392 bitcoin units, which are valued at around $16 million at the time of writing. A federal judge had put out a warrant that called for their immediate arrest, and at press time, it has been reported that the individuals were arrested.

The crypto crime in this case involves money laundering, which the individuals in question have been charged with. While the drug dealers held most of their money in bitcoin and crypto, they funneled about $600,000 of it through improper channels to purchase a squid permit and a fishing boat. The purchases were designed to hide the origin of the money and to conceal any wrongdoing, as it is believed the men in question had no desire to suddenly become the world’s greatest squid fishermen.

As it stands, the boat, the permit and the money have all been forfeited to federal authorities, who are overseeing the case in a small region of Southern California. A court filing explains:

The defendants are in custody of the United States Marshals Service in the district, where they shall remain subject to this court’s jurisdiction during the pendency of this action.

While law enforcement officials have not gone into specific detail regarding how the digital funds were stored, they have hinted that cold storage tactics were utilized as a means of keeping the money offline to make it less traceable. The money was first seized back in early 2019 – a time when bitcoin was trading at the mid-$3,000 level.

Selling Drugs for BTC… Where Have We Seen That Before?

US attorneys claim that the money came through the selling of illegal drugs. In a statement, they say:

The defendant bitcoin was derived from the sales of illegal drugs, including fentanyl patches and opioids dispensed without prescription on the darknet between 2016 and 2019. The vendor began selling illegal prescription drugs on the darknet in approximately 2014 using multiple marketplaces including Dream, Silk Road, Alpha Bay and Wall Street Market, and from 2014 and thereafter, made approximately $250,000 worth of bitcoin each month from the illegal drug sales.

Investigators initially made several purchases from the criminals between 2017 and 2018 to garner evidence of the wrongdoing before eventually raiding the home they were inhabiting the following year.

The post The Latest Example of Crypto Crime Involves Some Unlikely “Fishermen” appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Crypto News Updates

Ethereum is Looking “Ridiculously Bullish” as Analysts Eye a Move to All-Time Highs

  • Bitcoin has been facing some immense turbulence as of late, but it has yet to have any grave impact on altcoins
  • Most major altcoins have been decoupling from the benchmark cryptocurrency, with ETH gaining against its BTC pair while Chainlink sees fresh all-time highs
  • This momentum is being slowed slightly by Bitcoin’s present weakness, but it remains unclear as to whether this will reverse the altcoin breakouts
  • For ETH, in particular, one analyst is calling its macro chart “ridiculously bullish” – suggesting that it is on the cusp of setting fresh all-time highs in the near-term
  • He is specifically pointing to a move up towards $2,800 next, noting that this is likely where it will surge to once its all-time highs are broken

Ethereum has seen notable strength as of late, with bulls providing a strong foothold within the lower-$1,000 region.

It has also been gaining some ground against Bitcoin as of late, with the crypto showing signs of strength as it holds up against USD while BTC declines.

Unlike BTC, LINK, and many other major altcoins, Ethereum has yet to set fresh all-time highs throughout the course of this bull cycle. This may indicate that it has a high probability of seeing continued growth as the market cycle continues.

Ethereum Gains Against BTC Pair as Bulls Defend Against Downside

At the time of writing, Ethereum is trading down just under 4% at its current price of $1,190. This marks a notable surge from its recent lows of $900 set last week during the market-wide sell-off event.

The momentum seen in the time following this has been impressive, and Ethereum has gained some serious ground against Bitcoin.

Its BTC trading pair is looking even better this morning, with BTC’s slight selloff not having that huge of an impact on ETH.

Trader Claims ETH is Poised to Move Towards $3,000 Next 

One analyst explained in a recent tweet that he is now watching for Ethereum to see further upside, setting a target at $2,800.

He notes that it first needs to break its all-time high of $1,450 and that a move past this level could allow for massive near-term upside.

“ETH / USD: Macro trend still looking ridiculous bullish and if we close the weekly candle like this then the next stop is ATH. I think we see something similar to what I have shown above, a test and close above the previous ATH and then price to test $2800/$3200 quickly after.”

Bitcoin

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

The coming few days should provide insights into whether Ethereum’s strength against Bitcoin will be enough to send it surging to all-time highs.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

Grayscale Bitcoin Holdings Have Expanded Even More

With bitcoin’s sudden surge back into the $40,000 range (it’s currently pulled back a little to just over $39,000 at press time), the currency appears to be back on its feet and is taking companies like Grayscale along for the ride.

Grayscale Is Holding More Bitcoin Thanks to the Price Surge

Grayscale is one of the largest institutions backing bitcoin. It was recently reported that the company holds approximately three percent of the world’s BTC units, and its custody services are second to none. With the recent surge of BTC back to around $40K, it is estimated that the amount of crypto the company holds for its clients is just over $20 billion.

This is a massive difference from where Grayscale stood at around this time in 2020. During the first month of that year, the firm’s crypto holdings were only at around $2 billion, which means that the figure has grown by roughly ten times its original size in approximately 12 months.

In addition, while the firm holds several cryptocurrencies – including Ethereum – it is explained in a new report that much of the digital assets Grayscale holds are based in bitcoin, with the world’s number one digital asset accounting for as much as $17.5 billion of the company’s digital holdings. On average, the company takes in about $90 million in new assets per week.

The surge – as stated by analysts in the past – appears to be stemming from newfound respect for crypto amongst institutional and professional players. 2020 saw much of this respect come to life as companies like MassMutual, MicroStrategy and Stone Ridge invested hundreds of millions of dollars into what was at one point considered a highly volatile, speculative, and even dangerous currency.

But now, the attitude towards crypto has changed. Thanks to the ongoing coronavirus pandemic, many companies and individuals alike do not see bitcoin as something that is risky, but rather as the only sane asset in an insane world. With inflation on the rise and the global economy suffering, many enterprises now view bitcoin as something that can stabilize and protect wealth during times of strife. Bitcoin, for the first time in its short yet significant history, is being viewed as a hedge tool of sorts.

Could an ETF Affect Everything?

The report estimates that approximately 86 percent of Grayscale’s crypto holdings belong to institutions rather than retailers, with much of the BTC burst coming in the fourth quarter of 2020.

Financial giant JPMorgan has commented, however, that the happy word Grayscale has created for itself could come crashing down should the Securities and Exchange Commission (SEC) ever approve a BTC exchange-traded fund (ETF), which it’s expected to do this year. This could harshly affect companies like Grayscale, which right now are largely benefiting due to bitcoin institutional monopolies, and many clients may be tempted to pull their money out and take advantage of the newfound ETF.

The post Grayscale Bitcoin Holdings Have Expanded Even More appeared first on Live Bitcoin News.

Source: Live Bitcoin News