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Crypto News Updates

New Van Eck Bitcoin Note Gives Hope to Traders

Van Eck Associates Corp. has introduced a bitcoin exchange-traded note on a German crypto exchange. The trading platform is known as the Deutsche Boerse Xetra Exchange, and the company is trying to take advantage of the crypto wave that has been swelling and getting higher over the past few months.

Van Eck Continues to Move Forward

Van Eck has always been there to push bitcoin when people most need it. Last year, the company was widely considered the frontrunner when it came to getting a bitcoin exchange-traded fund (ETF) approved by the Securities and Exchange Commission (SEC). Sadly, things didn’t quite work out the way the company or crypto traders had planned, but executives have clearly shown that they’re not giving up, and they’ll always be there to ensure crypto gets its moment in the spotlight.

This time is no different. Over the past six or seven months, cryptocurrency has been viewed as a “safe haven” of sorts considering all the economic challenges the globe has been facing. The coronavirus pandemic came knocking on financial institutions’ doors in March, causing stocks, precious metals and of course, bitcoin, to come crashing down within a matter of weeks.

However, with everything else relatively slow to recover, the digital asset was quick to capitalize on the chaos and lack of order that was making its way through modern society, and it wasn’t long (only about two months) before the currency returned to form, jumping from below the $4,000 mark to about $9,000 in early May.

From there, people have viewed cryptocurrency in a new light. They now see it as a hedge tool; something that can potentially diversify their portfolios and keep their wealth steady during times of inflation and economic strife. Fiat currencies continue to suffer while the stock market has been up and down. Bitcoin and crypto, however, have remained relatively stable for some time.

Keeping Things Steady

Van Eck’s new crypto note is fully invested in bitcoin, and presently holds about $2 million in total assets at the time of writing. It is partially insured and held in cold storage to ensure it is safe and protected against hacks and malicious actors. Gabor Gurbacs – director of digital asset strategy at Van Eck – commented in a recent interview:

The next phase of growth in bitcoin and digital assets requires well-regulated access vehicles that fit into the established financial markets.

Crypto has been shooting up especially since October, given that this was the month where bitcoin established a newfound relationship with PayPal. The digital payment platform announced that it would allow users to purchase crypto through its system and potentially purchase items and services with digital assets. At the time, bitcoin was trading for just over $10K following a particularly bearish September, though it wasn’t long before the asset rose to $13,000.

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Is Bitcoin Returning to Form? Gains $800 in One Day

Bitcoin has recovered somewhat since its recent drop into the low $17,000 range. Just yesterday, the currency was trading for slightly over the $17K line, but the asset has since added about $800 to its price and brought itself up out of the gutter. The currency is not where it was during the early portion of the week, though it is beginning to show signs of recovery.

Bitcoin Is Coming Back

These last two months have been huge for bitcoin given how much attention and praise it’s gotten. Things really took off when PayPal decided to give people a chance to purchase bitcoin and other forms of digital currency through its website. They could also buy items and services with crypto. This is what allegedly caused bitcoin to spike from the low $10,000 range to about $13,000 in about a week.

However, this was small beans compared to what would happen only about a month later. Flying high over this news and its partnership with PayPal, bitcoin would potentially grow like it never had before. Given that it had garnered all kinds of new support from institutions and similar firms throughout the year, the asset appeared poised to remain in a bullish state for some time, as it was being powered not by retailers but by family offices, banks and other major companies.

During the month of November, the asset spiked to $19,000, and many industry experts believed that the currency would eventually reach its all-time high of nearly $20,000 before the year was out. The last time the asset rose to this level was at the end of 2017.

For all we know, and end-of-the-year jump towards that figure is still possible. After all, 2020 is not over. We still have December to look forward to. Can the currency prove its resilience once again and show the world that it’s capable of extreme movement within limited timeframes?

Could Recovery Be Right Around the Corner?

For now, we can relish somewhat in the fact that the recent drop appears to be a fluke of sorts. The currency fell back a bit – likely because the rise to $19K happened too fast – and the asset didn’t quite have the strength or the courage to remain above present resistance levels. However, the good news is that this drop has only lasted about a day or two, and the currency is already trying to make its way back to the top of the financial ladder. An $800 spike over a simple 24-hour period is a good move for BTC.

2020 has been a rough year for several reasons, but when it comes to bitcoin and cryptocurrency, the year has been rather kind. The asset is proving itself to be a store of value and has made serious headway in the monetary industry over the past eight months.

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Bitcoin Continues to Stay Strong Thanks to PayPal

At the time of writing, bitcoin has taken a bit of a nosedive, though at $17,800, the currency is doing somewhat better than it was about 24 hours ago. The currency initially lost more than $2,000 off its price to trade in the low $17,000 range, and many analysts began to show some concern that BTC’s all-time high wouldn’t be reached this year.

Bitcoin Buying Is Continuing to Surge

However, prior to all this negative hoopla, the currency was ascending like it never had before. Quite frankly, one could still argue that it’s in a solid place, and many individuals couldn’t help but rack their brains for an answer regarding why the world’s largest and most popular digital asset – which had been trapped in a rather lackluster position over the past year and a half – was suddenly on the ascent.

Well, according to some industry experts, the answer has to do with PayPal. Yes, the company is allowing users to buy crypto through its site. Yes, the company is allowing users to purchase items and services with bitcoin and other forms of digital currency, but this pales in comparison to what they believe is the real reason. Apparently, PayPal is buying up almost 70 percent of the new bitcoins that are being mined, meaning the company is set to own nearly three-quarters of the new BTC supply.

The news comes by way of Pantera Capital, which claims in a recent statement that thanks to PayPal, there is likely to be a bitcoin shortage in the coming weeks and months thanks to its newfound purchases. In the statement, the firm explains:

When PayPal went live, volume started exploding. The increase in [the Paxos-run bitcoin and crypto exchange] itBit volume implies that within four weeks of going live, PayPal is already buying almost 70 percent of the new supply of bitcoins.

Allegedly, this has set off a buying phase amongst people who were afraid that they would not have the opportunity to add crypto to their own portfolios given that PayPal was taking everything for itself. With so many people looking to purchase, the price had no choice but to go up significantly.

The statement goes on to say:

This rally is much more sustainable than 2017. One of the main differences is the ease of investing in bitcoin now via PayPal, Cash App, Robinhood, etc.

The People Are Doing the Heavy Lifting

Eduardo Arenas – director of Bitso Alpha, a crypto exchange in Latin America – mentions that there is a huge wave of new bitcoin users and bitcoin buyers, and that while PayPal likely inspired the price action, individual traders are the ones keeping it up. He says:

We’re seeing waves of new users when price action begins, but more importantly, we have seen important user growth during quieter times over the past year.

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Could Libra Be Available Within the Next Two Months?

Facebook’s new cryptocurrency and digital payment system, Libra, could be ready for release early as January of next year.

Libra Is Potentially Ready for a Rollout

The news surrounding the release of Libra has been circulating throughout crypto newsrooms for more than a year and a half. Since June of 2019, the currency has been permeating analysts’ minds. They have wondered many questions, a big one being “What would Facebook gain from cryptocurrency?”

The project has puzzled many people. Facebook is a social media platform. Now, it suddenly wants to perform a complete 360 and turn itself into one of the biggest digital currency platforms the world has ever seen. Libra is not specific to any region. In fact, Mark Zuckerberg – the CEO of Facebook – and many other executives familiar with the firm’s plans have come out to say that Libra will be a currency for the world and will be permitted in every country that’s willing to partner with Facebook.

This is quite the goal considering each country is likely to have its own regulations and financial adoption methods. However, the idea behind Libra is that users who cannot gain access to traditional financial services can utilize the cryptocurrency to purchase goods and services through Facebook using Libra tokens. The idea is strong, but Facebook’s execution has been considered questionable.

Many people, for one thing, had an issue with Facebook to begin with considering it’s a company that has been in trouble regarding privacy concerns in the past. Following the Cambridge Analytica scandal in 2018 – a situation that involved Facebook selling users’ private data to third parties for advertising purposes – many were worried about offering their financial information to the enterprise. If they couldn’t keep other data locked up, how could they keep financial data safe?

There were simply too many questions that weren’t being answered at the time. Mark Zuckerberg eventually testified before a congressional committee on the matter, though Libra then was incurring several delays, and the coronavirus pandemic of 2020 also put a huge damper in the plans of those involved in the asset’s release.

So Many Questions Remain

With 2021 right around the corner, a new report suggests that this might be the year Libra gets launched, though at this point, it can be argued that the asset has lost its momentum. Should it emerge in January, it would be released nearly two years after it was initially announced. Would people even be interested anymore?

The currency has undergone so many changes to the point that Libra is not even set to be a single asset. Rather, the Libra system will be composed of several leading fiat currencies and stable coins that people can utilize. While the concept has remained intact, Libra’s image has potentially become distorted over the past several months.

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Bitcoin Takes a Nosedive; Shaves Off Roughly $2,000

Well, it looks like things have taken a turn for the worse. Bitcoin, the world’s largest cryptocurrency by market cap, has collapsed by roughly $2,000, falling from about $19,000 before Thanksgiving to $17,000.

Bitcoin Loses Quite a Bit of Momentum

Why, suddenly? The currency was making many traders believe that things were well underway to repeat themselves as they were in 2017. While we’ve still got a month left in 2020 and the currency could easily turn itself around in that time, this is not a great signal.

Bitcoin isn’t the only asset that has fallen into negative waters. Several leading digital assets, including bitcoin cash, Ethereum, Litecoin and Chainlink, have also retracted somewhat over the past 48 hours. Overall, as much as $50 billion was lost from the cryptocurrency arena.

Sui Chung – chief executive of CF Benchmarks – explained in a recent interview:

For the past few days, the market was in a slightly febrile mood as it waited nervously to see if bitcoin would pass the $20,000 barrier.

She blames bitcoin’s recent price drop on news that popular cryptocurrency trading platform OKEx has begun allowing withdrawals again after locking itself up following an investigation from law enforcement in Hong Kong. She says that many people are likely realizing the profits had by bitcoin over the past few days and don’t want to take a chance. Thus, they are selling their coins for USD and other forms of fiat.

She continues to say:

Most of the frozen bitcoin had traded up around 70 percent, so there were a lot of unrealized profits locked up there. Once these coins were free to move, it’s likely many trades sold them for dollars and stable coins to realize those gains, adding greater momentum to the selling.

Despite the recent setback, many analysts and industry experts believe that this is only temporary, and that bitcoin could potentially resume its bullish behavior before the year’s end. Vijay Ayyar – one of the heads of the Luno cryptocurrency exchange – mentioned in a recent statement:

The global macro environment has made bitcoin increasingly prominent as a potential hedge against the traditional banking and financial system. The narrative of bitcoin as a safe alternative to traditional finances is being established without a doubt. Gold is starting to become less relevant, especially for the younger population and investors and this shift from gold to bitcoin has just begun.

Is This Only Temporary?

Black Rock chief investment officer Rick Rieder went so far as to claim that bitcoin could one day replace gold. He mentioned:

Do I think [bitcoin is] a durable mechanism that could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around.

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PR Expert Claims Social Media Is One of Crypto’s Largest Tools

The crypto space is big, but it’s not that big. In fact, a new survey suggests that roughly 60 percent of Americans either don’t know what cryptocurrency is or have no experience with it. However, according to Jonathan Jadali, social media is playing a huge role in getting the word out there about the world’s latest trading space.

Social Media Is a Big Tool for BTC and Other Forms of Crypto

Jadali has been involved in crypto trading since the age of 18. He’s now the successful owner of a public relations agency devoted to cryptocurrency, and he says that social media has been one of the biggest tools for attaining new followers and bringing people aboard the crypto train. In a recent interview, he states:

There’s a ready market for crypto-related information and a growing list of people now are meeting that demand on social media. There is little you cannot learn on YouTube and the countless crypto-focused Facebook groups. Brands and individuals alike are rushing to meet this glaring need, resulting in what I describe as crypto’s knowledge rush. This has been a hugely positive development, as the amount of valuable, crypto-based content has expanded greatly.

In recent days, he believes that the best content regarding cryptocurrency is coming from pages on Reddit, Facebook and Twitter. He says that some of the world’s leading crypto experts have established themselves on these platforms and shell out knowledge daily to their followers. Eventually, more and more people catch on and the industry just gets bigger and more resilient.

He explains:

Some of the best content has come from big players like the blockchain company Ripple. They’ve made a big deal of sharing educational content and webinars on cryptocurrencies to their nearly one million Twitter followers. They even launched a TV show called ‘The Ripple Drop.’ For businesses like them, this is a vital way to build brand loyalty and to market their services, considering that crypto trading is still new and the skepticism around it has not yet fully disappeared.

This Is Going to Just Get Bigger

In addition, he has also commented that several new social networks are popping up all over the place. What’s the big clincher? Many of these are strictly crypto based or revolve around digital asset activity, which he claims is proof that the space is just getting stronger every day. He says:

Today, crypto-based social networks have started sprouting and providing tremendous value to traders and enthusiasts. It’s not just that crypto has benefited from social media. The future looks like crypto-based social media platforms are going to become a mainstay. Honest, Mamby, Hive and Bitfinex are just a few of the crypto-based social media networks that have been launched in the last two years. Most of these networks reward their users for their involvement in the networks.

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Bitcoin Latinum Seeks to Enhance Crypto Transaction Speeds

Bitcoin Latinum, which is described in a press release as a “next generation” bitcoin fork, is now ready and available for trading. The asset is being released to the public through a new pre-sale launch, which will take place on bitcoinlatinum.com, while the currency will become generally available to crypto exchanges and traders everywhere beginning in early 2021.

Bitcoin Latinum Will Allegedly Improve Real-Time Usage

The currency is set to trade under the symbol LTNM, while more than 888 million units of the token will be available.

Bitcoin Latinum is an “enhanced bitcoin fork,” meaning that it can potentially improve speed limits for transactions and improve real-time usage for bitcoin and other cryptocurrencies that utilize its technology. One of the biggest problems with bitcoin, Ethereum and several other “old school” cryptocurrency blockchains as of late is that they’ve become relatively bogged down by activity.

Bitcoin, for example, can sometimes take several hours or even days to confirm and verify transactions, while Ethereum is also suffering from similar problems, which has resulted in high gas fees and an overall lack of scalability. Bitcoin has turned to the Lightning Network to potentially help with some of the problems caused by the slow transaction times, while Ethereum is preparing to launch what’s known as Ethereum 2.0, which will allegedly help to improve ETH-based speeds.

However, where Bitcoin Latinum differs is that it will accumulate its power from the decentralized finance (DeFi) space. The technology behind the platform is purportedly being adopted by companies all over the world; firms that work in gaming, media, telecommunications and cloud services. The tokens offered by Bitcoin Latinum will be tradeable through these companies and provide their customers with access to various goods and product options.

The insurance broker chosen to ensure that all risks are assessed, and that insurance is offered for customers of Bitcoin Latinum is Marsh & McLennan. This insurance is designed to ensure any clients utilizing Latinum’s technology are safe from theft, outside cyberattacks and internal issues that may result in outages or similar problems. The company is also getting a boatload of initial funding from a firm known as the Draper Dragon Fund.

One of the first companies that will be adopting the technology behind the token is Cross Creek Media, an Oscar-winning film studio tied to both Sony Pictures and Universal. The company’s films have earned nearly $2 billion from the international box office. Some of the films on the company’s roster include “Black Swan” with Natalie Portman and “Hacksaw Ridge.”

A Film Studio Incorporating Blockchain?

In a statement, Timmy Thompson – CEO of Cross Creek Media – said:

We are excited about Bitcoin Latinum and its capabilities as an insured token, as we continue developing award-winning properties. Cross Creek’s portfolio of new media technology investments perfectly positions us to take advantage of the digital asset sector in media and gaming.

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Anthony Pompliano: BTC Could Reach $100K Soon

Co-founder and partner of Morgan Creek Digital Anthony Pompliano has always been a major bitcoin bull. He’s recently emerged to let all traders know that he thinks bitcoin could potentially reach a price of around $100,000 by next year.

Anthony Pompliano: As Confident As Ever in BTC

2020 has been rocky from the start, but to say it hasn’t been kind to bitcoin would be a huge falsehood. The world’s number one cryptocurrency by market cap has seemingly surged by more than 160 percent since the beginning of the year when it was first trading for around $7,000.

From there, the currency experienced some major pitfalls thanks to the coronavirus after spiking all the way to $10,000, though things eventually revamped themselves for the coin and the asset jumped back to five-figure territory in July. Bitcoin has been on a solid bull run ever since, and the currency recently rose beyond the $19,000 mark, coming within inches of the all-time high it first attained in late 2017.

In a recent interview, Pompliano shared his thoughts on bitcoin’s present level of momentum, and he’s confident things will continue in this manner for some time. He explained that the currency’s demand far outweighs its supply, which will eventually play into the asset’s hands and make it far more valuable.

He states:

Bitcoin is the winner of a supply and demand exercise.

Some of the elements that have pushed this demand over supply is the fact that bitcoin experienced its third halving in early May. While the event was rather lackluster and didn’t amount to any serious visible results, the currency’s reward supply for miners was cut in half, resulting in a stronger level of rarity for the world’s number one digital asset.

From there, the world was privy to heavy money printing, low interest rates and high inflation, which has pushed back the value of the U.S. dollar and other forms of fiat. All this, Pompliano states, has helped carve out a path for bitcoin to explode. He explains:

I don’t think it’s that crazy to see a $100,000 bitcoin price by the end of 2021, and if we continue to get bigger and bigger buyers… if this kind of tips over and all of the sudden, it becomes a kind of consensus trade, it wouldn’t surprise me to see something even higher.

A Few Concerns?

While he’s confident bitcoin will remain in a bullish state over the next year or so, Pompliano also mentioned a few risks presently associated with the rising asset. He comments:

The first thing is a self-inflicted wound. If there’s a bug introduced into the code or something like that. The second thing would be some sort of geopolitical risk where we saw a really aggressive and coordinated kind of action by multiple nation states.

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Todd Gordon Predicts $70K+ Price for Bitcoin

The price of bitcoin has continued to exceed expectations during these final months of 2020, and as things grow from where they were just eight months ago in March, many analysts are predicting that 2021 is going to be a year fully devoted to the world’s number one cryptocurrency by market cap. Figures such as Todd Gordon – founder of TradingAnalysis.com – believe that the asset could spike as high as $74,000 by next year.

Gordon: Bitcoin Will Soon Explode Like We’ve Never Seen

To come up with his recent prognosis on the status of bitcoin and where he thinks it will go, Gordon used what’s known as the Elliott wave theory, which he describes in a recent interview. He explains:

It’s hard to give bitcoin an intrinsic fundamental value because there’s pretty much a finite supply… It’s a wonderful way to value crypto because Elliott wave is meant to detect the herding mentality and the emotions driving the price – fear and greed – and it creates very recognizable patterns. The Elliott wave theory is based on the idea that there’s five waves in a primary trend, three [up]trends and two intervening corrections.

He says that the first major bitcoin wave occurred about six years ago in 2014. There was a massive drop the year later, though the cryptocurrency then experienced a massive uptrend until the year 2018. He says that bitcoin could potentially find itself making its way even further up the financial ladder in the coming decade.

He comments:

The point of all this is a reliable relationship in the Elliott wave theory is the percent distance traveled in that first wave in 2014 is often equal to the percent change in wave five.

He says he’s taking a risk by predicting such a huge number, though considering how long the first wave lasted in 2014 and where bitcoin is now, he assumes that bitcoin will jump past the $70,000 mark in the coming year. He explains:

I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with… Fibonacci multiples. If it does want to fall short, it can go to 61 percent of that target, which is only at $34,000.

Others Feel the Same Way

Other traders offer similar sentiment, though they are confident that the currency could potentially jump even higher. One such figure is Mark Tepper, who explained in a recent statement that he’s always felt a need to own bitcoin, which means other people likely experienced the same thoughts. He said:

I’ve always had to own some. It’s like a FOMO concept for me. If I never owned any and bitcoin hits $100,000 per coin, I’d probably cry myself to sleep every night for the rest of my life if I didn’t own some.

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The Growth of Ripple Is Possibly Outshining That of Bitcoin

Bitcoin has been doing rather well as of late, but what about some of the world’s smaller coins? Assets like Ripple (XRP)?

Ripple Is Doing Rather Well as of Late

It’s clear that bitcoin has been hogging up all the attention lately. The currency’s run all the way past the $19,000 mark is making a huge impact on traders and industry experts alike, but it the midst of all the hype and hoopla surrounding bitcoin and larger digital assets, it appears we’ve forgotten about some of the smaller competitors that make the crypto space what it is today. Assets like Ripple, which according to one source, has been shooting up so much it practically puts bitcoin to shame.

The currency may not be equal to bitcoin in terms of size and scope, but there’s no doubt the asset has been doing rather well as of late. The currency recently added as much as 150 percent to its price over the course of one week. In addition, it has also almost quadrupled its price since the beginning of the year despite the growing coronavirus pandemic and the financial problems the virus has caused.

XRP has remained in a downward trend over the past three years. It was trading for several dollars during the end of 2017. Much like many other currencies, the asset experienced its all-time high during this period, though 2018 brought about an onslaught of mega drops that ultimately caused many coins – including bitcoin – to lose as much as 70, 80 or even 90 percent of their values.

It’s been rough for Ripple ever since, though now it seems the currency is turning itself around and heading into more bullish territory. The recent surge comes after Ripple – which presently owns more than 50 percent of all XRP units in existence – announced that it was looking to digitalize its assets as quickly as possible.

To do this, the company is hiring a senior director of central bank engagements. The person in charge of this department will likely be responsible for helping banks use the XRP blockchain to issue stable currencies, or assets that are tied to fiat. According to Brad Garlinghouse – CEO of Ripple – the same technology could be used to potentially turn fiat currencies into digital assets.

In a recent interview, Garlinghouse mentions:

Just using stable coins doesn’t really solve the problem that XRP is solving. XRP as an extremely efficient, extremely scalable blockchain, is ideally suitable for that.

A Leader in the Crypto Space?

Alex Kuptsikevich – the senior market analyst at FX Pro – believes that XRP is the king of alternate currencies, claiming:

Unexpectedly, the brightest among altcoins was the XRP token… This aims to accelerate and reduce the cost of bank money transfers while having all the necessary licenses… The coin had difficulty these last few years, but especially deeply oversold conditions eventually played into XRP hands.

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