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This Bitcoin Bull Run Is Quite Different, Experts Claim

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Bitcoin, the world’s number one cryptocurrency by market cap, has got everyone feeling joy and excitement about investing again. The asset is looking to make headlines as much as it can before the end of the year, and the currency is presently trading past the $18,000 mark for the first time in roughly three years.

Bitcoin Is Experiencing a New Kind of Bull Run

The currency has shot up by more than six times what it was in March. There was a time during that month that the currency was trading below the $4,000 line, but now, the asset has been on a serious bull run for approximately 112 days. It is thereby enjoying its largest bull run since it was first introduced to the financial space over ten years ago.

Many analysts say that the present run is quite different from previous ones. For example, the asset initially rose to $20K in 2017 only to crash during the first few months of 2018. Many experts chalk this up as being a fluke but agree that the circumstances have changed over the past several weeks. They say that this time, the value of bitcoin will stick around.

Sathvik Vishwanath – CEO of Unocoin – explained in a recent interview:

This time, there are more genuine reasons for the price increase like American hedge funds adding crypto assets to their balance sheet, PayPal allowing access to its millions of customers to buy and sell cryptos followed by an announcement from DBS bank that they will soon start providing trading services for crypto to their clients. It looks like the growth we are seeing now is more sustainable and the global recession and pandemic is fueling it.

One of the big reasons that bitcoin appears to be doing so well as of late is because it has finally garnered the faith it needs to strive from institutional investors. For example, Jamie Dimon – CEO of JPMorgan – has often referred to bitcoin as a fraud, but now says that he believes in the currency, even though he, himself, is not looking to invest in it.

However, there are plenty of institutional firms that have, such as MicroStrategy and Square. Monark Modi – founder and CEO of Bitex – mentions:

The recent bull run in bitcoin is caused due to increasing investment from institutional investors, investment banks and more importantly, payment companies. This is largely owing to a shift in investor sentiment towards alternative asset classes, especially digital assets.

Value Is Likely to Stick Around

Modi also commented on Dimon’s latest stance and says that his company JPMorgan is now showing an indirect interest in crypto given its work with stable currencies (the company recently introduced JPM Coin for general use). He comments:

Judging by this heightened interest towards cryptocurrencies, bitcoin has the potential to touch $22,000 by the coming quarter.

Tags: , , Source: https://www.livebitcoinnews.com/this-bitcoin-bull-run-is-quite-different-experts-claim/

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How You Can Effectively Trade Cryptocurrency

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The emerging cryptocurrency market has generated increasing interest over the last few years, among investors of all varieties and backgrounds. Unlike traditional currencies, cryptocurrency trading is based on speculation of price fluctuations, instead of actually owning and selling an asset. The value of an investment is determined by the asset’s movement between trade entry and exit. Cryptocurrencies are unique in ways that distinguish them from other traditional commodities and trading markets. They’re virtual or digital commodities, which makes them intangible, and they’re unregulated and decentralized, so they’re not managed, monitored or governed by a central authority, such as a government or internationally recognized bank. This makes them intrinsically lucrative but also volatile.

These sorts of technologically advanced financial investment opportunities certainly carry their own appeal and the potential for unlimited profitability. But in the finance world, high returns are often proportionate to high risks. To minimize the risks and increase your chances of success, it’s essential to develop an adequate understanding of the theories and mechanisms behind these digital transactions. This will help you to improve your crypto trading strategy based on knowledge, instead of just hopes and prayers.

In the world of cryptocurrency, there are some industry-specific terms that you should become well familiarized with to understand how these markets operate. Here are some of the fundamentals:

Blockchain

Blockchain is the digital database underlying cryptocurrencies. It’s a digital ledger of recorded data, whereby all records are encrypted individually. Transactions are recorded in blocks, and blocks are added to the chain as transactions take place. This process is known as cryptocurrency mining.

Blockchain technology and its decentralized networks are built and sustained by mass collaboration on a global scale. They’re based on peer-to-peer exchanges and layers of trust, removing the need for a centralized authority to monitor transactions. This makes blockchain a trading anomaly that fascinates many investors and economists.

Types Of Cryptocurrencies

There are more than 1,600 cryptocurrencies currently being traded publicly, with a combined market value of more than $289 billion. The value of Bitcoins alone was estimated at $210 billion. And while there is a limit on the number of Bitcoins available for purchase, the appreciation of their value is seemingly limitless. This naturally heightens demand and speculative interest on trade and investment value, as it would with any tradable commodity.

Tokens

There are value tokens, security tokens and utility tokens. Value tokens like Bitcoins are created in an Initial win Bitcoin, such as by leveraging investment trading strategies or exchanging digital services for cryptocurrency.

Altcoins

An abbreviation for Alternative Cryptocurrency Coins, these are any coins besides Bitcoins. Although they’re all created on the same theory and foundation as Bitcoin, they’re all unique in the purposes and applications they serve, and are supported by different systems and protocols. The most well-known altcoins on the market are the following:

  • Peercoin
  • Litecoin
  • Namecoin
  • Ethereum
  • Ripple
  • Omni
  • Bitcoin Cash
  • Libra
  • Monero (XMR)
  • Binance Bitcoin price analysis would greatly benefit your trade strategy. You’ll have to decide whether your strategy and position will be short or long. A solid risk management strategy should be built into any longer-term trade approach, so that there are limiting constraints to all losses.

    Day trading is an example of how you can profit from a short-term strategy. Bitcoin is traded 24/7 and is the most liquid of all cryptocurrencies, which means it can undergo quicker transactions and monetary conversions within a day—and with marginal impact on the market price. There are also many more trading opportunities in a 24-hour window, in larger loads with much less overhead. With day trading, consider optimizing your strategy in the following ways:

    • Diversify your trade currencies
    • Track and monitor trading times and trends
    • Stay vigilant and current on cryptocurrency news
    • Minimize trading costs by using a low-rate exchange
    • Utilize technical analysis tools and metrics

    Purchasing Cryptocurrency Through An Exchange:

    In this case, you’re taking ownership of the digital currency, and ideally the asset you purchase will appreciate in value. You’ll need a digital wallet to store your currency and an account through which to exchange it. Digital wallets need to be secure and protected from external cyber threats such as hackers.

    Ways To Buy Or Invest In Cryptocurrency

    If you’re wondering how to acquire cryptocurrency in the first place, there are a few options, such as exchange platforms and trade brokers. Bitcoin, for example, can be purchased from exchanges that’ll charge a percentage of the purchasing price. Each one charges different trade fees based on a tiered structure or schedule. The most well-known and widely used cryptocurrency exchanges are:

    • Coinbase
    • Binance
    • Gemini
    • Coinmama

    If you choose to go down a more traditional route with a stockbroker, here a few mainstream cryptocurrency trade brokers:

    • Robinhood
    • TradeStation
    • eToro

    There are other ways to purchase or invest in Bitcoin or Altcoins, such as Bitcoin ATMs, peer-to-peer transactions, and digital currency asset managers.

    Conclusion

    Before you embark on your cryptocurrency adventure, you should first take steps to educate yourself on the risks involved before jumping into high-level trading. Explore your options for trading or exchanging currencies, and the necessary steps for storage and investment management. Even if you’ve got significant experience in financial trading and investment strategies, cryptocurrency operates very differently from any other market in terms of volatility, liquidity and predictability of trends. So, it’s important to first get familiarized with this unique market. Understanding the nature of cryptocurrency will help to optimize your experience, and help set you up for potential success.

    Source: https://www.newsbtc.com/sponsored/how-you-can-effectively-trade-cryptocurrency/

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OMG Rallies as Genesis Block Ventures Acquires OMG Network

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Genesis Block Ventures (GBV) announced the acquisition of OMG Network, which helps speed transactions and lower fees on the Ethereum blockchain by handling transactions off-chain, triggering a double-digit rally in the network’s OMG token.

“Through this acquisition, GBV is dedicated to leverage its network strength, to promote the accelerated growth of OMG Network, and further enhance the adoption of OMG blockchain in Asia and beyond,” GBV, an investment branch of the Hong Kong-based OTC trading firm Genesis Block, said in its Friday announcement.

GBV said that it has been an active participant in this year’s decentralized finance revolution and has partnered with major exchanges such as Binance and FTX. The OTC trading firm aims to facilitate a smooth transition of OMG Network’s team and business from SYNQA (OMG Network was established as a SYNQA subsidiary in 2017) to GBV, in a bid to minimize the impact of the acquisition on the token’s price.

Regardless, OMG’s price jumped on the news, rising over 18% from $3.74 to $4.41 during the Asian trading hours.

“OMG surged higher overnight in reaction to the news that Hong-Kong based OTC trading firm is to acquire OMG Network.” Denis Vinokourov, head of research at the London-based prime Brokerage Bequant told CoinDesk in a Telegram chat. “This is particularly notable development given the recent launch of Ethereum‘s 2.0 Beacon chain, which aims to solve various scaling problems, while Optimistic and ZK-Rollup have also been gaining traction.”

OMG rallied by over 200% in August as the DeFi-led congestion on Ethereum’s blockchain boded well for OMG network.

Source: https://www.coindesk.com/omg-rallies-as-genesis-block-ventures-acquires-omg-network

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Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey

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From what happened in the last couple of weeks, it appears that the crypto bull market is upon us. Bitcoin has been consistent with its volatility-induced rallies, and this is infusing confidence in investors.

So much, so that VIP clients in Kraken’s latest Crypto Sentiment Survey say that BTC will skyrocket to about $36,000 in 2021. They also feel that ETH could revisit its previous highs of $1500.

Bitcoin And ETH To Trade At Average Prices Of $15K and $549 By 2020 End

The latest Kraken Crypto Sentiment Survey covers investor sentiment for the second half of 2020. The exchange had already conducted a similar survey back in March this year. But then investors were way more optimistic about BTC and ETH price growth by December.

Now, the same respondents have retracted their bullish calls for bitcoin and ether (ETH) this year. According to the latest numbers,

The average bitcoin price target among 309 responses fell -35% surveyover-survey to $14,866, well below February’s average of $22,866. The median price target also retraced -28% from $19,424 to $14,000, and the most commonly cited price target was $15,000, down -25% from $20,000.

With respect to ether (ETH), the average price target among 289 responses was $549, off -32% from the previous survey’s average of $810. The median price target was unchanged at $500 and the most frequently cited price target was $500, up +66% from $300.

At 72 percent, traders and investors (down from 81 percent when the survey was conducted in March) comprised a majority of the survey responses. 18 percent of responses came from Institutions (broker, custodian, family office, hedge fund, lender, market maker, private equity firm, proprietary trading firm, or venture capitalist).

And the rest 4 percent – from crypto service providers (ATM, exchange, lender, payment processor) and miners. As compared to March, the researchers at Kraken anticipated a lower price growth optimism from the said respondents since the year is so close to its end.

The Outlook For 2021 Remains Super Bullish

When asked about how they see bitcoin and ether prices in the next year, respondents didn’t shy away from expressing their mega bullish calls. Survey participants called for an average bitcoin price target of $36,602 in 2021. Some put the median bitcoin price target at $25,000, but a lot of folks (approximately 61 percent) felt if not anything else, BTC will at least hit $20,000.

A small section of respondents reported hopium-induced ultra bullish calls.

Approximately, 8% of respondents provided a price target greater-than-or-equal-to $100,000, roughly 20% of respondents reported a price target greater-than-or-equal-to $50,000…

Survey participants were very optimistic about ETH’s outlook as well in the next year. This sentiment came from the discussions around Ethereum’s network upgrade and the growing popularity of the DeFi ecosystem. Respondents think ETH will trade at an average price of $1454 in 2021. Also, at the same time:

Close to 59% believe that ether will, at least, hit $800. Additionally, 22% of respondents see ether surpassing its previous all-time high of $1,595 set in early-January 2018 and just under 92% see ether, at the very least, trading higher than current price in 2021.

What becomes evident from the aforementioned numbers is that participants in a price prediction survey tend to project bullish figures for a longer-term.

Will Bitcoin(BTC) and ether (ETH) hit the above price targets in 2021? That still remains to be seen.

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Source: https://cryptopotato.com/bitcoin-price-to-hit-36000-in-2021-kraken-crypto-sentiment-survey/

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