Connect with us

Blockchain

Bitcoin Eyes Another Attempt at $12K amid Global PMI Releases

Avatar

Published

on

Bitcoin is looking to retest $12,000 in the coming daily sessions as investors await the release of crucial purchasing managers’ economic indicators.

Dubbed as PMI, which stands for Purchasing Manager’s Index, the index studies the prevailing direction of the economic trends in services and manufacturing sectors. It, therefore, serves as a barometer to gauge current and future business conditions by investors, analysts, and financial decision-makers.

Today, developed economies are going to release their PMI data. Observers expect the Eurozone to show growth in services and factory activities, albeit amid a slower economic recovery. Meanwhile, views are opposite for the US following the setback in its regional manufacturing surveys last week.

The disappointing figures may reflect the economic turmoil from the recent surge in the COVID cases across the Western and Southern US states. The Federal Reserve also emphasized the same in its minutes from the July 2020 meeting released Wednesday, while pledging continued monetary support to keep the economy afloat.

The basis of the PMI outcome may have a significant impact on Bitcoin.

Weaker US Dollar

Fears of a negative PMI data was visible in the US dollar markets on Friday. The greenback pared its recent gains against the leading foreign currencies, pointing to investors’ intraday migration to riskier assets. As a result, the S&P 500 futures were looking to open higher after the New York opening bell.

Gold futures also inched higher by 0.39 percent.

As for Bitcoin, the benchmark cryptocurrency was harmlessly modest during the early European session Friday. BTC/USD plunged by a decent 0.34 percent but managed to stay afloat above $11,800, a critical support level. The pair’s cautious moves reflected its tendency to test $12,000 should the PMI data put downside pressure on the dollar.

Bitcoin and the US dollar index have reported a surge in their negative correlation since March 2020.

bitcoin, btcusd, cryptocurrency, xbtusd, btcusdt

Bitcoin awaits a move above $12,000 to confirm its short-term bullish bias. Source: TradingView.com

Bearish pressure on the US dollar might also increase against the rising number of jobless claims in the US. On Thursday, the weekly figure closed above 1 million atop the 15 million Americans that continue to receive unemployment benefits from the US government.

QE Keeps Bitcoin Bullish

The outcome further put pressure on the US Congress to finalize its second stimulus package. That, in turn, would mean a further expanding fiscal deficit, putting more downside risks on the US dollar.

“The Federal Reserve is currently printing more and faster than ever,” wrote Grayscale Investments, a bitcoin-enabled investment firm in New York. “While the US dollar remains structurally strong relative to other currencies, the ongoing QE measures have attracted the attention of investors who may be wary of monetary inflation.”

That serves as another catalyst behind Bitcoin’s potential retest of the $12,000-level atop the PMI release. Some believe the cryptocurrency might hit $14,000 in the running quarter.

Source: https://bitcoinist.com/bitcoin-eyes-another-attempt-at-12k-amid-global-pmi-releases/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-eyes-another-attempt-at-12k-amid-global-pmi-releases

Blockchain

Japan’s SBI Holdings is launching a Bitcoin lending service

SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin. The service will be available on the digital currency trading platform, SBI VC Trade. SBI Holdings, the leading financial services company in Japan, announced on Tuesday that it launched a cryptocurrency lending service. Starting with Bitcoin (BTC), the service will be […]

Avatar

Published

on

  • SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin.
  • The service will be available on the digital currency trading platform, SBI VC Trade.

SBI Holdings, the leading financial services company in Japan, announced on Tuesday that it launched a cryptocurrency lending service. Starting with Bitcoin (BTC), the service will be rolled out later to include other popularly-traded digital currencies, including Ether (ETH) and Ripple (XRP). The Japanese financial services giant mentioned in the announcement that the crypto lending service will also feature optimal trading opportunities. 

SBI Holdings debuts Bitcoin lending service

According to the announcement today, lending service is made available on SBI Holdings digital currency trading subsidiary, SBI VC Trade. As the service debuted with Bitcoin, the customers can lend out their Bitcoin to the crypto company, which would attract interest for them after the stated lending duration expires. The works are similar to other digital currency lending platforms. SBI Holdings accepts a minimum of 0.1 BTC and 5 BTC as maximum lending quantity.

For a lending period of 84 days, customers will earn 1.0 percent (tax included) annually of the deposited coins annually. As noted earlier, SBI Holdings intends to expand the services to include Ether and Ripple, as well as the types of lending periods, per the announcement. The development is coming after recent reports that a crypto lending platform, Cred, filed for bankruptcy, with many sources citing mismanagement of funds as a cause.

Reliability is a factor

“One of the risks of cryptocurrency lending service is the risk of bankruptcy of the lender,” the SBI Holdings’ translated page reads. “All of our customers’ lending destinations for our cryptocurrency lending service are SBI Group companies that boast high reliability, so you can use it with confidence.” 

The company further revealed its intentions to introduce more market-suited trading opportunities.

Continue Reading

Blockchain

Max Keiser: Institutions Will Purchase Bitcoin Directly From Miners And Box Out The Public As Price Reaches $1M

Avatar

Published

on

Max Keiser: Institutions Will Purchase Bitcoin Directly From Miners And Box Out The Public As Price Reaches $1M

Advertisement &  & 

Amid the COVID-19 crisis, economies worldwide have shuddered and governments have been forced to introduce drastic measures to resuscitate the ailing economy. As a result of this uncertainty, bitcoin has become an attractive investment for institutions. The spark that started with MicroStrategy’s jumbo bitcoin purchase morphed to an institutional frenzy around the flagship cryptocurrency.

The increased appetite for bitcoin from institutions comes from its budding image as a digital store of value. As the demand grows, the supply for BTC shrinks. Max Keiser, vocal bitcoin champion and founder of crypto-focused venture capitalist firm Heisenberg Capital, thinks this serious supply pressure will drive the price of bitcoin to $1 million.

Speaking with Express, Keiser noted that bitcoin’s supply is fixed at 900 BTC per day and will be slashed in half again to 450 BTC in 2024. And this is why he’s of the opinion that institutional players will devise ways of purchasing bitcoin directly from the miners, subsequently shutting out the public. This will be accompanied by the incredible price growth to $1,000,000.

Keiser goes on to predict that Generation Zs who purchased bitcoin while it was trading below $100 will be “the new global elite”. “The world order is about to flip”, he added.

The daily demand for bitcoin from leading crypto exchanges currently exceeds the supply minted by miners on a daily basis. To put things into perspective, the daily demand on these trading platforms totals 2,600 BTC, while miners can only produce 900 BTC per day. Keiser described this supply-demand disparity as “amazing”.

Advertisement &  & 

Bitcoin has especially attracted the attention of multi-billion-dollar corporations and billionaires this year. Besides MicroStrategy, Square and Stone Ridge also allocated significant portions of their idle cash reserves to bitcoin, while PayPal recently launched a crypto service that allows users to buy, hold, and sell bitcoin and other cryptocurrencies. Interestingly, according to Pantera Capital’s Dan Morehead, PayPal and Square’s Cash App are buying more than 100% of newly-minted bitcoins.

And there are also renowned investors putting their money into bitcoin including Paul Tudor Jones and Stan Druckenmiller. Celebrities like Game of Thrones actress Maisie Williams have also come out as BTC HODLers.

As more institutions and billionaires come to the bitcoin space, the supply scarcity will intensify. The only way supply and demand counterbalance are at a higher price.


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/max-keiser-institutions-will-purchase-bitcoin-directly-from-miners-and-box-out-the-public-as-price-reaches-1m/

Continue Reading

Blockchain

Gnosis Launches GnosisDAO to Decentralize Prediction Markets

Avatar

Published

on

After its long-time involvement in the prediction markets landscape, the pioneering Ethereum development firm and predictions market platform Gnosis is now launching GnosisDAO — the cryptocurrency industry’s first decentralized prediction market-driven collective.

Within a prediction market, people can buy or sell the shares of a possible outcome, or prediction, to reflect whether or not they support the prediction. It acts as a store of crowdsourced information that can help define the most likely future.

Gnosis intends to bring a similar concept of prediction markets into the decentralized finance space. It will allow end-users to have a say in the governance and technical layers of web3 ecosystems. By doing so, the DAO will ensure the governance process is taken away from centralized organizations and more power is given to a network of people, thus decentralizing the process.

The CEO of Gnosis, Martin Köppelmann, said that while they plan to expand the use case of GnosisDAO over time, initially, the prediction market technology will help them transparently make development, support, and governance-related decisions of their token.

He also said that the DAO could grow to guide organizational development of DeFi.

Explaining that the technology underlying GnosisDAO is open for every organization to use, he emphasized that it may create a pattern for organizational and corporate governance for the decades to come.

The Gnosis team has previously worked on Omen Prediction Markets that raised $1.24 million for U.S. presidential election result prediction. They expect that GnosisDAO will define a new paradigm for “futarchy” —  governance by prediction markets — in the age of decentralization

1,036

Source: https://blockonomi.com/gnosis-launches-gnosisdao-to-decentralize-prediction-markets/

Continue Reading
Blockchain3 days ago

Bitcoin Suisse to Deposit Nearly 100,000 ETH to Ethereum 2.0

Blockchain3 days ago

Bitcoin supply shortage is due to overwhelming PayPal support

Blockchain3 days ago

US Government to Use USDC Stablecoin to Bypass Venezuela’s Maduro

Blockchain4 days ago

Bitcoin Is the Biggest Big Short

Blockchain5 days ago

“The Great Reset” Close to Overtaking Ethereum in Searches

Blockchain4 days ago

HEX Dumps Amid 24-hour LiveStream

Blockchain3 days ago

Why this Ethereum DeFi coin has surged 400% in two days

Blockchain3 days ago

Ethereum 2.0 Deposits Near 200,000 ETH

Blockchain5 days ago

Elastos Network Selected by World Economic Forum to Accelerate Blockchain Adoption

Blockchain4 days ago

How to Invest in DeFi (The Sequel)

Blockchain4 days ago

Companies Like PayPal Are Adopting Crypto Quicker Than Ever

Blockchain4 days ago

Simon Peters: $20,000 is next target for Bitcoin

Blockchain3 days ago

DeFi Protocol Pickle Finance Hacked For $20 Million

Blockchain3 days ago

Cardano on schedule to deliver Goguen, reveals Hoskinson

Blockchain5 days ago

The Complete Case for $100K Bitcoin

Blockchain4 days ago

CorionX to be listed on BitMart Exchange

Blockchain3 days ago

The Long Arm of Justice: How Far Can the DoJ Really Go in Prosecuting Foreign Actors?

Blockchain3 days ago

Chainalysis Becomes Newest Crypto Unicorn After $100M C Funding

Blockchain3 days ago

Argentina and Brazil Get Their Own Stellar Stablecoins

Blockchain3 days ago

SushiSwap’s SUSHI Continues Ascent, Rallies 10% on $1B in Deposits

Blockchain3 days ago

Is current Bitcoin trend a Bull trap – $20K beckons extended BTC/USD rally

Blockchain3 days ago

Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B

Blockchain3 days ago

Uniswap User Loses $20,000 With a Fake Google Play Store App

Blockchain5 days ago

News of News For Bears and Bulls

Blockchain3 days ago

3 Reasons Why Analysts Think Bitcoin Will Move Higher After Rally to $18,800

Blockchain5 days ago

Bitcoin and Ether Market Update November 19, 2020

Blockchain4 days ago

BlackRock’s Rick Rieder Says Bitcoin Could Replace Gold

Blockchain3 days ago

Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

Blockchain4 days ago

Navigating through the challenges of Blockchain Tech to fast track development of the FinTech Market

Blockchain3 days ago

Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

Blockchain3 days ago

US Regulator Seeks End to Bank Deplatforming of ‘Disfavored’ Industries (Like Crypto)

Blockchain5 days ago

In this bull run, why are price rallies of Bitcoin and ETH not the same?

Blockchain3 days ago

Uniswap User Loses $20,000 With a Fake Google Play Store App

Blockchain1 day ago

Crypto.com Launches Visa Cards for Canadians

Blockchain4 days ago

Poker players now request more cash out in Bitcoin

Blockchain1 day ago

Chainlink Likely to See an Impulse Higher as Bulls Break Key Range

Blockchain2 days ago

XRP Surges 30% Higher—and Analysts Think There’s Upside to Come

Blockchain2 days ago

Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

Blockchain3 days ago

Uniswap User Loses $20,000 With a Fake Google Play Store App

Trending