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JP Morgan Says Bitcoin Going Head-to-Head With Gold, BTC Price Will Double or Triple if ...

Tue, 27 Oct 2020 17:10:29 GMT

US financial giant JP Morgan says Bitcoin has the potential to triple its price as BTC challenges gold’s status as the go-to alternative currency.

Although Bitcoin is still a relatively small class asset with a market cap of $242 billion compared to gold’s $2.6 trillion market value, the cryptocurrency can potentially compete with the precious metal as the preferred alternative currency, says JP Morgan in a report by Business Insider.

To catch up with gold’s market dominance, Bitcoin would have to increase 10x its current value. But even a slight decrease in the gap with gold could have significant implications on Bitcoin’s price, says JP Morgan.

“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price.”

According to JP Morgan, the key driving force in BTC’s ascent is the shift in demographics where the younger generations are choosing Bitcoin over gold.

“The potential long-term upside for bitcoin is considerable as it competes more intensely with gold as an ‘alternative’ currency we believe, given that millenials would become over time a more important component of investors’ universe.”

The banking giant also says Bitcoin has an additional feature that can boost its value in the future.

“Cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as [a] means of payment. The more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value.”

JP Morgan’s current bullish stance on Bitcoin appears to be a 180-degree turn from their previous position. In 2017, JP Morgan’s CEO Jamie Dimon famously called Bitcoin a “fraud” and said that it is “worse than tulip bulbs.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitsgap Releases Futures Trading and Updated Platform

Tue, 27 Oct 2020 16:59:59 GMT

Bitsgap just dropped something new – a trading terminal that comes equipped with an updated interface, new order types and statistics.

This launch is geared towards traders and investors to meet their growing needs for risk management and new strategy formulation. Private investors worldwide, now granted full access, also gain to benefit from automated bots, arbitrage, signals, portfolio tracking and new updates like smart trade, TWAP strategy, sniper and shadow modes. Prior to the launch, these trading instruments were available only to institutional investors and hedge funds owning IT departments with immense financial and human intelligence resources.

The brand new trading terminal interface, much to investors’ and traders’ requirements owing to the volatile nature of their market, is user-friendly and intuitive. Time is money, and with this upgrade, decision-making and market analysis are bound to be undertaken faster than ever before.

Additionally, Bitsgap sections the trading terminal into two, with the right-side panel designed for decision-making, and hence allowing execution of orders and showcasing users’ available balance on a selected cryptocurrency exchange. The left- side panel contains relevant cryptocurrencies infographics.

With full access to 25+ cryptocurrency exchanges, traders and investors can now monitor crypto portfolios of all linked exchange accounts, given that multiple accounts are unified under one roof. Bitsgap now supports both futures and spot trading from an integrated interface. You can now start trading with leverage to speculate on rising or falling markets and apply hedging strategies if you have open positions to protect. Platform multifunctional interface provides users with necessary data to monitor futures and spot positions. Binance Futures and FTX are the new additions to the cryptocurrency exchanges.

Bitsgap counters the cryptocurrency market’s vast range of automated solutions, which includes sophisticated statistical algorithms. Instead, its automated bots follow grid trading, a straightforward strategy that has stood the test of time. The bot allocates limit orders within a set trading range with buy limit orders below the current market price and sell limit orders above the current market price. With every executed buy limit order, the bot places a new sell limit order above the executed price and vice versa.

Through grid strategy, traders and investors can allocate the desired investment sum proportionately distributed by the algorithm. Bitsgap bots are additionally programmed to buy a cryptocurrency at a lower price to sell it later at a higher price, all while trading in a pre-defined trading range. On a falling market, a cost average effect and a profit generated by the bot offsets the negative value change of a base currency.

Below is an example of a possible grid configuration for the bot to execute.

To add to the long list of features the new update comes with is the backtesting tool, which makes it possible for traders and investors to monitor the performance of their trade ideas to see what would be a potential return up until today or for a specific time period in the past. Using historical data, which takes into account price volatility, automated strategy settings and time period, backtesting provides an expected return.

With new derivative products and institutional investors’ entries, the cryptocurrency market is on a quick rise. To keep up with this evolving market, Bitsgap is focusing on developing instruments and automated algorithms that would help traders and investors across the board to boost returns and secure profits from the market’s pullbacks.

To test Bitsgap, apply for a 14-day trial period and trade in a PRO subscription plan. Trading in risk-free demo mode enables you to experiment with automated bots and try new orders like sniper, shadow, TWAP, and iceberg.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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MicroStrategy’s Bitcoin Investment Will Soar to $10,000,000,000, Says Veteran Macro Investor ...

Tue, 27 Oct 2020 15:00:31 GMT

Macro investor Dan Tapiero thinks MicroStrategy’s recent $425 million Bitcoin investment will balloon to $10 billion in value within a decade.

MicroStrategy, one of the largest publicly traded business intelligence companies in the world, made a series of gigantic BTC purchases in August and September. The firm now views Bitcoin as the principal investment in its treasury reserve, and Michael Saylor, MicroStrategy’s chief executive, says the move is a “deliberate corporate strategy to adopt a Bitcoin standard.”

Tapiero, the co-founder of digital asset equity fund 10T Holdings, says Saylor will go down as one of the “great global macro investors of all time.”

Nails it again.@michael_saylor to go down as one of the great global macro investors of all time (and I have worked with a few of the greats.)

Massive $425m #Bitcoin bet going to $10 bil within 10yrs.

Reasoning and thought process impeccable.https://t.co/lOWiYbLXGZ

— Dan Tapiero (@DTAPCAP) October 25, 2020

Saylor used to be a Bitcoin critic and previously predicted the asset’s demise, though he now says he just didn’t understand it. He missed buying BTC when it was $111, and continued to ignore it when it surpassed $1,000. And then, this year, MicroStrategy bought it at $11,111,000.

Still, Saylor tells Keith McCullough at HedgeEye that they’re still happy they managed to get in when they did.

“Better late than never. A lot of people said Warren Buffett missed Apple. Warren Buffett missed Apple for eight of those ten years, and then he must have made more money on Apple stock in the last 20% of that run than he made on any [other] investment in his entire life, and he probably made it without even noticing he made it, because, ultimately, the thing about technology is figure out the thing that’s going to eat the world [and] if you’re right, own it, hold it, and wait.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ripple Executive Says Payments Firm Making Strategic Adjustments to Boost XRP Adoption, ...

Tue, 27 Oct 2020 13:00:34 GMT

Ripple chief technology officer David Schwartz says the company is making “strategic adjustments” in an effort to bring the benefits of XRP technology to a wider swath of the population.

A Twitter user recently grilled Schwartz, one of the original architects of the XRP Ledger, about Ripple being “aligned” with big corporations rather than the “common man.”

“The challenge for Ripple; RippleX; XRPL Foundation… is to enable the common man to avoid getting shafted by the ‘system’. I see little progress in this regard. The SWIFT SDK is exceedingly limited. There are more than 200 open issues in Github for RippleD.”

Schwartz maintains XRP’s systems are open to everyone and unable to be controlled by established institutions. Still, he acknowledges things haven’t been perfect.

“We’re mostly working from the other direction – getting enterprises and institutions to use (indirectly, usually) systems that are open to everyone and can’t be controlled by anyone. That will add more value to those open systems, driving more people to them.

But this has yielded results more slowly than we had hoped. Hence, the strategic adjustments with things like Xpring and RippleX. We are trying to do more.”

Ripple recently rebranded its XRP investment and development arm Xpring as “RippleX.”

Schwartz also maintains Ripple doesn’t want to align themselves with any entity or institution pushing for bans on certain blockchains or private financial solutions. Rather, he says, they favor a “robust and healthy” blockchain ecosystem.

He also says they support Bitcoin.

“We all love Bitcoin. We ‘go after it’ only for two reasons. One is to fairly level set comparisons with XRPL features and technology and the other is where there’s regulatory favoritism.

I don’t believe any cryptocurrency or blockchain project can succeed by tearing others down. Just as Internet companies need a healthy Internet ecosystem with lots of successful players, so do blockchain companies.”

Ripple advertises XRP’s faster transaction settlement time than Bitcoin, as well as its sustainability.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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EU Court Confirms Cash Is a Constitutional Freedom

Tue, 27 Oct 2020 09:00:36 GMT

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With states discussing the possibility of creating entirely digital currencies, the debate over the place of cash in society has only intensified. That is why the opinion given recently by Giovanni Pitruzella, the advocate general of the Court of Justice of the European Union (CJEU), is of such interest to people concerned with state encroachment on individual freedoms. The main takeaway was that the court found that an individual’s right to pay for services in euro banknotes should be protected, with very limited exceptions to the rule.

Freedom through cash

While the CJEU opinion is non-binding, Pitruzella’s words reinforced arguments around the importance of cash as an emblem of and instrument through which to express personal freedom within the European Union (EU).

“The concept of legal tender as regards euro banknotes […] must be understood as entailing in principle the mandatory acceptance of euro banknotes by the creditor of a payment obligation,” Pitruzella writes.

The ideas that underpin the advocate general’s words concern the importance of cash in protecting individuals from undue controls, as well as the substantive link between cash and the notion of legal tender.

The case under review pertained to a company refusing to accept payments in cash, an issue that has been discussed in different forms across the EU and beyond. Ultimately, Pitruzella argued that in current EU law there is “an obligation on public authorities to accept euro banknotes if they are intended to meet statutorily imposed payment obligations.”

Crucially, he highlighted that although exceptions can be based on grounds of “good faith” or for reasons of the public good, they cannot be based “merely on reasons of administrative practicability or cost savings.”

Pitruzella’s opinion went in favor of two individuals who had been charged late payment fees for refusing to pay a German broadcasting company through one of its preferred forms of payment. The advocate general’s decision has dealt a blow to arguments in favor of eradicating cash, calling into question the imposition of state controls on how and in what form consumers make payments.

Why this opinion is significant

In recent years, public debate has been forced to address the issues which have risen since the emergence of technologically facilitated payment methods, such as debit cards, digital payments and digital currencies.

“Regardless of technological developments and payment method variety, the only truly private transaction, in which no third party (public or private) has a prying eye, is cash,” writes one web journalist.

To understand this, we must acknowledge that there are clear differences between cash and digital means of payment. Cash is not digitally trackable like online payments. Cash requires no intermediary for a transaction to function, nor an infrastructure through which to process that transaction. To use cash is to make a financial choice that requires no ratification from any public or private authority.

Simmel on money and freedom

“Money is really that form of property that most effectively liberates the individual from the unifying bonds that extend from other objects of possession,” argues Georg Simmel, the 19th-century German philosopher in his magnum opus, The Philosophy of Money.

What Simmel asserted is that money uniquely empowers individuals to self-define through their choices – their freedoms. Rather than having an identity solely and forcefully thrust upon them as a consequence of their specific trade or station in life, money gives them an unmonitored opportunity to craft their own self-image through the economic decisions they make.

Alternatives to the cash that Simmel’s theories handle, such as digital payments, while allowing some of this freedom, can never be true cash equivalents as they necessitate one form of third-party control or another.

These alternatives provide freedom of choice regarding what services and products one purchases with the rewards of one’s labors. However, they lack that second dimension, that of protection from unreasonable surveillance and control – freedom that goes hand in hand with the democratic principles that underpin the EU.

Society maintains a tension between order – the unifying force – and personal freedom – the rights of the individual. If we move too far one way, things will not function effectively, and if we go too far the other way, individuals must endure oppression. This balance is delicate and in constant flux. Cash is one of the bedrocks of the modern society, which stabilizes this flux. For this reason, EU citizens should be pleased that the CJEU has confirmed cash as a constitutional freedom.

Luke Moriarty

Canadian fellow, who worked three decades for local and national administrations. I am now retired and closely follow issues related to cash and digital currencies.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin Just Posted Biggest Buy Signal in More Than Two Years, Says Top Crypto Analyst Nicholas ...

Tue, 27 Oct 2020 07:04:31 GMT

DataDash founder and crypto analyst Nicholas Merten says Bitcoin just flashed its biggest buy signal in over 24 months.

In a new DataDash video, Merten explains why Bitcoin’s weekly close above $13,000 is a historic milestone for the largest cryptocurrency.

“Yesterday, we set in the highest weekly close, which is again the significant price that people are focusing on, the highest weekly close since all the way back here in mid-January of 2018. [It has been] more than two and a half years since we’ve been at this point… So this is really, really exciting stuff.”

With the context in terms of price set, the crypto strategist highlights why the recent weekly close is a strong bullish signal.

“The reason why on a technical perspective this is extremely valuable far beyond the value of any indicator you could utilize in your charts is because this has been a significant point of resistance for Bitcoin for a long period of time, anywhere between the upper $11,000 range back here in February of 2018, of here in July and June of 2019 and also here in August of 2020. It’s tended to be that this range between the upper $11,000 range to $13,000 has been a contested resistance range for Bitcoin multiple times.

As prices tried to regain to those $20,000 highs that we saw back in December 2017, price has been struggling to hold in that range and in fact, anytime it came up in this range, it was quickly sold off by people who had bought Bitcoin and eventually took profits on their positions, where sell-side pressure began to outweigh buyers. This time around, there really isn’t much sell-side pressure. That’s the important factor here: how [the] price is holding.”

Merten takes his bullish read on the crypto king a step further by looking at the yearly timeframe. According to Merten, Bitcoin now needs to close 2020 at a key price to indicate the start of a strong move toward all-time highs.

“What we need to do is set a close, and I would like to see a substantial close above the yearly high close here which is $13,880. If we can get $14,000, $15,000 for Bitcoin just by the end of the year, going through October, November, up until December…

That’s all we need to see folks. It is a clear telltale sign in price in the simplest form of analysis. Again, simplicity wins out. It is the simplest key sign here that we’re setting up for a substantial move in the market.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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3rd Largest Bitcoin Address Emptied in Massive $1,200,000,000 BTC Whale Transfer

Mon, 26 Oct 2020 21:15:41 GMT

A massive Bitcoin trove is suddenly on the move as one of the wealthiest whales in history transfers more than a billion dollars worth of BTC.

An anonymous high-rolling entity just relocated 92,857 BTC worth $1.2 billion for a fee of just $1.31. The transfer was first noticed by the automatic blockchain monitoring tool known as Bitcoin Block Bot.

Source: Blockchain.com

According to the latest block explorer data, the whale moved the BTC into two separate wallets.

An unknown wallet with a total of two transactions received 88,857 BTC. A second wallet that received 4,000 BTC has a recorded 19 transactions.

BitInfoCharts shows that the whale created the original wallet on August 6th. The wallet started receiving small amounts of BTC on August 7th en route to becoming the 3rd richest Bitcoin wallet in existence on October 21st.

The whale involved could be an institution or a crypto custodian overseeing the BTC on behalf of its clients. The big-time entity may also be transferring the BTC across multiple wallets for security reasons.

However, none of the addresses in question have known ties to a company that is invested in or works within the crypto industry.

The BTC has not been transferred to any known wallets owned by crypto exchanges, where it could be sold and traded on the open market.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Strong Fundamentals Providing Rocket Fuel for Bitcoin Blast-Off: eToro Market Analysis

Mon, 26 Oct 2020 20:00:23 GMT

OUR STORY DISCOVER CRYPTOCURRENCIES NEWS AND UPDATES

In a week where equity markets have stagnated, Bitcoin bucked the trend as it pushed through the $12,000 resistance level, as well as touching and seeing some resistance at $13,000. Altcoins were buoyed by Bitcoin’s rise, with Ethereum, XRP, Litecoin and Chainlink all showing upward trajectories too.

Simon Peters, analyst, eToro

Bitcoin blasts through $12,000 barrier

Bitcoin price action has dominated attention in the last week, rapidly reaching year-to-date highs. It approached and then subsequently smashed through the much-feted $12,000 mark with such strong momentum that there is every chance the cryptoasset could just push right on through to $14,000.

If we were to see some pullback towards $12,000, I would urge investors not to be too worried. We may end up in a period of consolidation just above that level. I’ve highlighted many times in these pages that there is still time in 2020 for a Bitcoin bull run, and my view remains the same.

So, what instigated last week’s bullish run? A number of positive developments in the crypto space, most notably PayPal announcing it would enable its users to pay for goods and services in cryptoassets. This would introduce a massive userbase to crypto, with PayPal boasting 346 million active accounts, all of whom will be able to hold and shop using Bitcoin, Bitcoin Cash, Ethereum and Litecoin once the service has been rolled out.

This positive development was compounded by a discussion earlier in the week on the IMF’s Cross Border Payments Panel, in which Federal Reserve chairman Jerome Powell reiterated that a US central bank digital currency (CBDC) continues to be on the radar, while also opening the door for private firms to get involved in the endeavor.

These developments are further backed up by positive statistical data. Glassnode’s investor sentiment index is gaining, open interest on Bitcoin futures is increasing and short positions are unwinding. The combination of strong fundamentals and positive news for the cryptoasset are providing the rocket fuel needed for Bitcoin’s blast-off.

David Derhy, analyst, eToro

Look to $20,000 instead of back at $12,000

As Simon highlighted, the current run could simply push through all the way to $14,000. If that is the case, then the next level from a technical and fundamental perspective would be $20,000. With the US election coming up next month, further economic stimulus from the government is going to happen even if the size of that stimulus is still up for discussion. I am of the view that we won’t see a drop back down below $12,000 for a while yet.

With the reduced volatility we are seeing, institutional investors are more and more interested in buying Bitcoin. Combine this with the host of listed companies also looking to add Bitcoin to their balance sheets, and the springboard for Bitcoin prices continues to look very positive.

Simon Peters, analyst, eToro

Stimulus fears could stoke the fire for Bitcoin

With the “if” of economic stimulus in the US out of the way, what matters now is the “how much” and the “where.” How much money is the US government going to be pumping into the economy? What areas will they target and does that strengthen the use case for Bitcoin? As David mentioned, the size is dependent on who wins the election, but any outcome will almost certainly lead to stimulus. If the Fed will be funding this by adding US treasuries to its balance sheets, then this would surely reinforce the argument for Bitcoin as an alternative currency. Both sides have also agreed for another stimulus check of $1,200 to every citizen, but the rest will most likely go towards preserving jobs.

If this is the case, then we may also see an uptick of inflation, another important aspect of Satoshi Nakamoto’s view of modern economies that drove him/her/them to create Bitcoin. It will also be interesting to see how this impacts the correlation between Bitcoin and equity markets. Both could rally on news of a fiscal stimulus package, but Bitcoin could decouple from equity markets based on its own fundamentals. It has recently enjoyed its longest run of decorrelation with the S&P 500 over the past couple of weeks.

We’re currently in a world of positive price movement, extensive fiscal stimulus, major central banks discussing digital currencies and a range of altcoins successfully implementing logistical upgrades. It’s an exciting time to be a cryptoasset investor.

Simon Peters and David Derhy, eToro Market Analysts

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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Kanye West Says Bitcoin and Crypto Will Power True Liberation of Humanity

Mon, 26 Oct 2020 17:10:08 GMT

One of the world’s best-selling artists is giving Bitcoin (BTC) a big shoutout, referring to the top cryptocurrency as the liberator of America and humanity.

In a new installment of the widely-subscribed Joe Rogan Experience podcast, Kanye West compares Bitcoin to Jack Dorsey’s Bluesky initiative which seeks to decentralize technical standards for social media platforms.

“Jack Dorsey decentralized Twitter two months before it really hit because he was talking to the Bitcoin guys, and these are guys that really have a perspective on what the true liberation of America and humanity will be. A lot of the tech guys were able to use the new highways, the new information highways, and create the next frontier of our existence while the powers of our political system are still anchoring on the electoral college which was based around slavery.”

In July, the crypto-friendly rap superstar revealed his intentions to run for president of the United States. The announcement on Twitter immediately went viral, garnering 500,000 retweets and 1,000,000 likes over the course of a weekend.

“We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States! #2020VISION.”

In 2018, the award-winning rapper tweeted out “decentralize,” sending shockwaves through the crypto and blockchain community.

decentralize

— ye (@kanyewest) April 25, 2018

In the same podcast, West says he believes it is his “calling to be the leader of the free world.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ethereum Powering Twice As Many Transactions As Bitcoin, Approaching $1 Trillion Settled in 2020

Mon, 26 Oct 2020 15:00:28 GMT

Messari senior research analyst Ryan Watkins says Ethereum is on track to power $1 trillion in transactions in the span of one year.

Watkins is highlighting an extensive look into the research he recently published on behalf of market data aggregator Messari. According to Watkins’ data, Bitcoin is now processing twice as many payments and on-chain transactions as Bitcoin per day.

“Ethereum now transacts two times more value than Bitcoin daily. This is what a cryptoeconomy looks like when it starts to find product-market fit.”

Source: Messari/Twitter

According to Watkins’ chart, the transaction volume being processed on the Ethereum network daily is fast approaching $7 billion. Meanwhile, Bitcoin is processing less than $3 billion per day, which is lower than its previous high of about $4 billion in July.

The surge in Ethereum’s volume can be attributed to the significant increase in ERC-20 stablecoin volumes such as Tether (USDT) and to the recent boom in decentralized finance (DeFi), says Watkins.

Tether alone processes more transactions than Bitcoin, Watkins points out.

“Much of this activity is attributable to Etherum’s stablecoin volumes. Tether alone now transacts more daily than Bitcoin. Most of this volume is ERC-20 Tether.”

Source: Messari/Twitter

In terms of the DeFi boom’s part in catalyzing this rapid growth in on-chain Ethereum transactions, Watkins specifically highlights the huge volume on decentralized exchanges (DEXs).

“The second leading reason for this is Ethereum’s boom in on-chain liquidity. Uniswap and Curve did more than $20 billion in combined volume for September. DEXs now comprise 13.6% of total volumes from all exchanges both centralized and decentralized.”

Source: Messari/Twitter

If the current rate of growth is sustained, Watkins believes Ethereum will likely breach the unseen annual $1 trillion transaction volume level.

“Ethereum’s progress has been so incredible that it will likely become the first public blockchain ever to settle $1 trillion in a year.”

Source: Messari/Twitter

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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This Document Highlights Why Ripple, the Largest Holder of XRP, Is Eyeing Move to United Kingdom

Mon, 26 Oct 2020 13:00:13 GMT

Ripple CEO Brad Garlinghouse says the payments startup is analyzing whether to relocate the company’s headquarters to the United Kingdom.

In a new interview with CNBC, Garlinghouse says Ripple is seriously eyeing the possibility of moving to the region because the UK Financial Conduct Authority (FCA) specifically names XRP as a crypto asset that falls outside of the agency’s regulatory perimeter.

He is referring to a press release that was published by the agency back in July of 2019, which mentions the fourth-largest crypto asset and touts the agency’s efforts to ensure that companies know what they need to do to remain compliant.

Garlinghouse says the clear taxonomy in the UK and the leadership the FCA has shown in changing the way the financial community thinks about XRP and other similar cryptocurrencies.

“The outcome of that was clarity that XRP is not a security and is used as a currency. With that clarity, it would be advantageous for Ripple to operate in the UK.”

As Ripple continues to grapple with legal battles and the stringent regulatory realities in its home environment, Garlinghouse says it’s time for the US to step up and update its regulatory policies to be in line with the global market.

The recent threat to move offshore is not the first time that Ripple has vocalized its favorable view of the UK and other countries whose regulatory frameworks are clear and precise. In late September, Ripple released a blog post that highlighted the steps the FCA is taking toward making its regulatory framework flexible to account for evolutions in blockchain technology and digital assets.

“Specifically, the FCA classifies digital assets as one of three types of tokens: exchange, utility and security. These classifications are critical because they define the use cases for each type of token. For example, XRP is classified as an exchange token because of its role in facilitating cross border transactions.

By issuing these classifications, the FCA makes it clear to companies which digital assets fall inside its ‘regulatory perimeter.’ Put another way, the FCA has demonstrated which types of tokens will be regulated as securities and which will not. The FCA has also made the framework flexible to account for evolutions in technology because it acknowledges that digital assets can move between classifications over time.”

Ripple owns more than half of the total supply of XRP, with the vast majority of its holdings locked in escrow accounts.

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Crypto Analyst Tone Vays Says Bitcoin Breakout Not Over Yet, Predicts Timeline for 300% Rally

Mon, 26 Oct 2020 07:04:46 GMT

Veteran crypto strategist Tone Vays says the big Bitcoin breakout has more gas left in the tank.

In a new video, Vays explains why he believes the bullish rally that pushed Bitcoin above resistance of $12,000 is not yet over.

“That is exactly what I’m kind of foreshadowing going into the future. We still have this triangle right here and we can still pull back into this triangle, but I do think that right now, there is still enough FOMO (fear of missing out) to get us higher into that high $13,000 range.”

As Bitcoin draws near its next resistance level at $14,000, the crypto analyst predicts that market participants will start to take profits.

“That breather could be horizontal consolidation or that breather could be a pullback all the way back down to $12,000 or even as low as $11,500.”

Although Vays sees a correction on the horizon, he is long-term bullish on the world’s most dominant cryptocurrency.

“[The] monthly view is going to be great. We’re going to close as the second-highest month ever and we got a shot at closing at the highest month ever if we can close at $14,000. That would be the highest monthly close ever, which would also be absolutely great.”

Vays also highlights his current personal sentiments on BTC.

“I’m pretty damn bullish right now. I don’t know if that’s stupid or not but I’m pretty damn bullish. I haven’t been this bullish since early 2017.”

As for his long-term BTC forecast, the veteran trader believes that Bitcoin is poised to ignite a massive rally within the next six months.

“Let’s be reasonable here. Let’s say we have a 300% move. That takes us to $50,000.”

However, Vays believes Bitcoin will suffer a massive devaluation after going as high as $50,000 before recovering and climbing above $100,000.

“I can see a 50% crash, which would take us to about $20,000 to $25,000. Let’s say we go back to $20,000 – the prior swing high… And then from there, I could see, this would be fast, I could see a slow grind back up to $50,000.

From this $50,000 area or let’s from that $40,000 area, we go up another 300% to 400%. This is something that’s realistic to me. That takes us to say $150,000 from there. How long would that take? Before the next halving.”

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Nautilus Research: Bitcoin (BTC) Pattern Echoes Early Days of Prior Exponential Rallies

Sun, 25 Oct 2020 21:15:35 GMT

Bitcoin (BTC) is displaying patterns that have historically occurred before massive breakouts, potentially indicating the start of the next exponential bull run, says research agency Nautilus Research.

In a Twitter post, Nautilus Research suggests that Bitcoin is currently forming a pattern that has preceded the bull runs of 2012 and 2017.

“Bitcoin echoes of patterns ahead of previous major breakouts.”

Source: Nautilus Research/Twitter

According to the independent research boutique’s chart, Bitcoin has historically corrected at least 80% from boom cycle highs and then consolidated for over a year before launching the ensuing bull market. If history is any indicator, Bitcoin may soon ignite a parabolic rally that could send the most dominant cryptocurrency well above $100,000.

Widely-followed market analyst Peter Brandt offers his own insights on BTC, highlighting the role of growing institutional interest in the largest cryptocurrency.

“Bitcoin – IF the current gains hold through end of Oct – is poised for the second-highest monthly close ever.

Institutions are increasingly involved in Bitcoin ownership. Institutions mark the value of their assets monthly.”

Source: Peter Brandt/Twitter

In addition, rating agency Weiss Ratings says Bitcoin is still the “clear leader” in the crypto space as it surged above the key level of $13,000, which is BTC’s 2019 high. Like Brandt, Juan Villaverde of Weiss Ratings credits institutional involvement for the rally.

“Investors piled into Bitcoin this week and this rally spilled over to other crypto assets. At the same time, investors are sticking to high-quality names primarily, as we’re seeing the most strength coming out of the large caps.

Bitcoin is the go-to asset for traditional investors looking to diversify their holdings into cryptocurrency. As such, any time we see Bitcoin take the lead, we can be certain that new money is entering the space. This is a prerequisite for any sustainable crypto bull run.”

As Bitcoin shows signs of bullishness, the Crypto Fear & Greed Index of crypto market sentiment tracker Alternative.me has turned to “extreme greed.” According to Alternative.me, an extreme greed reading suggests that the market is beginning to be overbought and a pullback may be on the horizon.

“When investors are getting too greedy, that means the market is due for a correction.”

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Russia’s Central Bank Unveils Plan to Test Digital Currency

Sun, 25 Oct 2020 19:00:12 GMT

The central bank of Russia is outlining its plans to test the digital version of its currency.

The head of the central bank of Russia Elvira Nabiullina announced at an online conference that the pilot test phase of the digital ruble could be launched before 2021 expires, according to Russian news agency TASS.

“After the discussion of the consultation report takes place, we collect feedback by the end of the year. Then we will process them. If a decision is made on the feasibility of launching the digital ruble, we will prepare a full-fledged concept.

Then, in our opinion, there should be a stage of piloting with a limited number users in order for everything to be worked out, so that we understand how it works. We consider such piloting to be possible somewhere by the end of next year.”

The head of Russia’s central bank also stressed that it’s not the goal of the digital ruble to replace paper money.

“We do not set the task of ousting some kind of money, it will be, in fact, the third form of money, along with cash and non-cash, which now exist.”

In terms of data privacy, the digital rubble will have no feature of anonymity, highlights Nabiullina.

“There will be no anonymity in the sense that there is in cash. But it is assumed that confidentiality will be strengthened… Maximum confidentiality is the main task when introducing the digital ruble.”

The development of the digital ruble is a step in the direction of digital transformation, says the regulator.

“In our opinion, it fits very organically into what is called the development of the digital economy as a whole. Digital transformation is taking place. Of course, there must be a transformation of the settlement system.”

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Chamath Palihapitiya Talks Key to Generating Massive Wealth, Says Jeff Bezos Is Better Capital ...

Sun, 25 Oct 2020 16:30:27 GMT

Chamath Palihapitiya, Bitcoin billionaire and chief executive of venture capital fund Social Capital, believes that when it comes to allocating capital and creating growth, Jeff Bezos has an edge over legendary value investor Warren Buffett.

In a podcast with Shane Parrish of The Knowledge Project, Palihapitiya shares his views and strategies on preparing for future economic trends and changes. One of those strategies is smart capital allocation, something that Jeff Bezos is a master of according to the Bitcoin bull.

“[An employee and I] worked on this analysis and he said to me Chamath, ‘I think that Bezos is a better capital allocator than Buffett’, and I was like ‘What the hell are you talking about?’ and we constructed this really elegant chart which showed basically the P&L (profits and losses) of Amazon and it looked at every expense line and he had taken every single expense line and created a product around it and made it a revenue line. And I thought ‘Man this guy is a genius!’… That’s capital allocation. That’s really skillful, so you want that.”

In the interview, the former Facebook executive also highlights a key area that he says may generate massive wealth for investors in the long term.

“Basically my solution is you got to be long growth, the higher the growth the better, in the areas that matter for people and I think that 10 years from now that will be a playbook that really works.”

On the issue of industries that matter to people, Palihapitiya says that the richest person in history will be someone combating climate change.

“If you have all these gigatons of carbon being emitted and you can run an experiment that takes them out, we should probably do it. And we’ll know conclusively whether it’ll change hurricane season, so why not just fund the experiment in an unemotional detached way. If you view climate change in that lens, it’s a multi-decade, multi deca-trillion dollar opportunity. The world’s first trillionaire will be somebody in climate change.”

Ultimately, Palihapitiya believes that in successful investing, the biggest obstacle is yourself.

“When push comes to shove, what you’re always going to be fighting is yourself: panicking, overreacting, under-reacting, refusing to observe the present, living too much in the past, wanting too much to believe in the future. So it’s all psychological traps because the data is there if you want to observe…

If you define certain behavioral principles that protect you from the worst parts of your own psychology, that’s a winning strategy.”

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High-Profile Crypto Trader Says Ethereum, XRP and Three Small-Cap Altcoins Set to Break Out ...

Sun, 25 Oct 2020 13:00:01 GMT

Top crypto strategist and trader Crypto Rand says a select number of altcoins including Ethereum (ETH) and XRP are poised to ignite bullish breakouts.

Rand tells his 220,000 Twitter followers that Ethereum, which he refers to as “the money printer,” is ready to launch the next leg up as it breaches the resistance of a bullish continuation pattern.

“ETH wants to catch up with BTC. Bull pennant breaking out.”

Source: Crypto Rand/Twitter

The trader is also looking at Ripple’s native asset XRP, which he thinks is primed to go above resistance at $0.28 first and then $0.33.

“XRP wants to join the party. Bullish breakout.”

Source: Crypto Rand/Twitter

Rand is also bullish on blockchain-based digital advertising platform Basic Attention Token (BAT). The trader expects the crypto token to surge nearly 30% to above $0.28 as BAT breaks out from a bullish reversal pattern.

“BAT | Wonderful setup.”

Source: Crypto Rand/Twitter

As for blockchain scalability solution Matic Network (MATIC), Rand believes that the stage is set for the low-cap altcoin to catalyze a bullish rally after MATIC took out the diagonal resistance that has kept the coin bearish since August.

“MATIC | What an amazing setup!”

Source: Crypto Rand/Twitter

Rand is also keeping a close watch on the decentralized finance (DeFi) darling yearn.finance (YFI).

The trader implies that the brutal correction, which sent YFI from an all-time high of $43,873 in mid-September to around $12,260 earlier this month, may have come to an end. The trader highlights the price levels of around $16,000, $20,000, and $34,000 as areas of interest for bulls.

“Looks like $YFI wants to fly.”

Source: Crypto Rand/Twitter

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Stablecoins Guide | Everything You Need to Know About Stablecoins

Sun, 25 Oct 2020 09:00:32 GMT

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What are stablecoins?

A stablecoin is a type of cryptocurrency that provides price stability and is backed by some reserve assets, (e.g., US dollar or gold). This makes it more stable to constant market fluctuations. The idea of the stablecoin emerged in 2012 in the Mastercoin documentation. However, it came in handy only in 2015 when Tether Limited launched the very first stablecoin.

Why was it needed?

High volatility makes cryptocurrencies hard (or even impossible) to use on a daily basis. When the chance of high inflation is excluded, it is possible for the public to use stablecoins. The stablecoin has an opportunity to become a reserve currency for countries with a high rate of inflation and to provide worldwide stability. The main idea of the stablecoin is to provide the best features of the crypto world and the banking industry.

The fact that stablecoins are backed by assets makes them more attractive as an exchange medium, and that is even more important to making them attractive as a store of value. These peculiarities make it more realistic for stablecoins to become a substitute for fiat money.

What types of stablecoins are there?

Stablecoins can be divided into three categories.

Fiat-backed stablecoins
Crypto-collateralized stablecoins
Non-collateralized stablecoins

Fiat-backed stablecoins

From the name of these stablecoins it becomes clear that they are backed by fiat money. More often they are tied to the US dollar. Usually the value is fixed at a 1:1 ratio.

What are the advantages of fiat-backed stablecoins?

Stable. Unlike cryptocurrencies, which are highly volatile, fiat-backed stablecoins are tied to something that does not change value so fast.
Easy to understand. A lot of cryptocurrencies exist in very complicated systems. At least they seem to be rather difficult for the understanding of people who are not a part of the crypto world. However, fiat-backed stablecoins are simple, and this looks attractive.

What are the disadvantages of fiat-backed stablecoins?

Third party. While the whole crypto world is trying to avoid the necessity of having a mediator, fiat-backed stablecoins are very controlled. Otherwise, it is impossible to provide safety and the link between fiat money and stablecoins. Therefore, users have to develop trust in a third party.
Centralization. The 1:1 ratio can be provided only if it is centralized.
Audit. An audit is a part of a control system. It helps to provide all the special features.
Slow withdrawal

Examples of fiat-backed stablecoins include Tether (USDT), TrueUSD (TUSD) and PetroDollar (XPD).

Crypto-collateralized stablecoins

This type of stablecoin is backed by crypto or digital currency. It is possible to maintain a 1:1 ratio with the help of over-collateralization.

What are the advantages of crypto-collateralized stablecoins?

Decentralization. Due to the use of digital currency as a backup, it is possible to avoid centralization.
Transparency. Everyone can monitor the blockchain, thus there is no need for auditors.
Higher liquidity
Faster regulation

What are the disadvantages of crypto-collateralized stablecoins?

Lower degree of stability. In comparison with fiat-backed stablecoins, the degree of stability is lower here. The reason is that cryptocurrencies are less stable in general.
Dependence. In this case stablecoins are tied to another cryptocurrency’s viability.
Complexity. The system of crypto-collateralized stablecoins is more complicated for users than the system of fiat-backed ones.

Examples of crypto-collateralized stablecoins include Dai (DAI) and bitUSD (BITUSD).

Non-collateralized stablecoins

Non-collateralized stablecoins rely on the seigniorage share system, which means they make use of the difference between the value of money and the cost of its printing. The use of smart contracts helps to control the process. When the price goes below the pegged currency, the stablecoin sells. When the price goes higher, the stablecoin supplies more tokens.

They can be supported not only by fiat or cryptocurrencies, but also by metals such as gold or any other assets.

What are the advantages of non-collateralized stablecoins?

There is no need for collateral.
Higher decentralization. However, it depends on the situation of the market and backup assets.

What are the disadvantages of non-collateralized stablecoins?

The complexity of use
The complexity of the system analysis
The need for high demand for this type of stablecoin
High degree of vulnerability

Examples of non-collateralized stablecoins include SagaCoin (SAGA) and Havven (HAV).

The stablecoin is an interesting attempt to put together two different areas – the banking world and the crypto world. It tries to give users something that is not highly volatile and thus, can be applied in everyday life. The fact that the stablecoin is backed up helps to hold inflation and build people’s belief in the possibility of using it.

Stella Volandes

This article originally appeared on SimpleSwap’s official blog and has been reprinted with permission. SimpleSwap is an instant cryptocurrency exchange that is free from sign-up and has a user-friendly interface that provides an easy exchange process.

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Crypto Newcomer Soars 1,125% After Receiving Big Boost From Binance

Sun, 25 Oct 2020 07:04:49 GMT

A relatively unknown crypto asset has soared after getting a burst of support from the crypto exchange Binance.

On Friday, the decentralized music streaming platform Audius (AUDIO) launched with little attention from crypto influencers on social media. The coin hit a low of $0.04 on launch day, according to CoinGecko. Just a few hours later, Binance announced that it was backing the newly launched crypto asset.

“Binance Labs, the investment and incubation arm of Binance, has made a strategic investment in Audius – a decentralized streaming protocol giving everyone the freedom to distribute, monetize, and stream any audio content. Specifically, Binance Labs led an extension round for Audius worth $1.25 million.

With 750,000 monthly active users (MAUs) and over a million streams each month across more than 100,000 tracks, Audius has teamed up with top artists like deadmau5, 3LAU, and RAC to help crypto cross the chasm.”

Binance CEO and founder Changpeng Zhao shared the news about the company’s investment in Audius with his 599,000 Twitter followers.

Let's decentralize music. https://t.co/sUgAfNmKwO

— CZ Binance (@cz_binance) October 24, 2020

The news catalyzed a steep upward price movement that sent AUDIO to as high as $0.49, which represents an increase of 1,125% in a span of a few hours.

Source: Coingecko

Audius has since retraced since its high as investors took profits.

At time of writing, it is trading at $0.24 with a market capitalization of $7.5 million.

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Analyst Who Nailed Bitcoin Crash Says One Altcoin Set to Erupt As Analysts Refresh Bitcoin, ...

Sat, 24 Oct 2020 21:15:07 GMT

A trader who predicted Bitcoin’s deep plunge to $4,000 in March says one of the year’s most talked-about altcoins is now ready to erupt.

The pseudonymous analyst known in the cryptoverse as Capo tells his 20,000 Twitter followers that Chainlink’s (LINK) correction, which saw the coin’s value crash from its all-time high of $19.85 to below $9.00 from mid-August to September, might be coming to an end. According to the trader, the decentralized oracle network is in a position to parabolically rise to $31 before 2020 expires.

“If you are surprised by the BTC breakout, wait for LINK to take off.”

Source: Capo/Twitter

As for Bitcoin, the analyst is bullish on the leading cryptocurrency but he believes that BTC must push through a few resistance levels at around $13,000, $15,000, and $17,000 before skyrocketing.

$BTC

S/R flip confirmed. Going for the first target.

Send it. pic.twitter.com/tVUUEVfgy7

— il Capo Of Crypto (@CryptoCapo_) October 20, 2020

Looking at Ethereum, Capo is extremely bullish on the leading smart contract platform.

“I’d buy the entire ETH supply if I could.”

The crypto trader expects ETH to ignite a steep upwards movement and outperform BTC.

“I have no doubt that ETH will perform better than BTC in the next bull cycle.”

Source: Capo/Twitter

Capo is also keeping a close eye on the ETH/BTC pair. In a new tweet, the trader implies that ETH/BTC may have pulled off a big bear trap.

“Oh boy.”

Source: Capo/Twitter

Other analysts are also bullish on the world’s dominant cryptocurrency. Prominent trader Smart Contracter tells his crew of 65,000 that BTC is ready to explode to $16,000.

“Still just under 2 hours to go but looks like we’re going to get another ripper daily close on BTC. Looking like a double extension of the wave three of this leg up is forming instead of a single extension, kind of feeling $14,000 won’t prove as much of a resistance as we think.”

Source: Smart Contracter/Twitter

The crypto analyst is also bullish on XRP. He says that Ripple’s native token is poised to follow ETH’s bullish footsteps and surge close to $0.29.

“Basically, XRP looks exactly like ETH did before it broke out yesterday.”

Source: Smart Contracter/Twitter

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XRP Moving Approximately $3,000,000,000 in Remittances From US to Mexico, According to Founder ...

Sat, 24 Oct 2020 19:00:03 GMT

Ripple’s XRP-powered cross-border payment product, On-Demand Liquidity (ODL), is moving nearly 10% of the remittance volume from the US to Mexico, according to Daniel Vogel, chief executive of the Mexican crypto exchange Bitso.

The US-Mexico remittance corridor is one of the busiest in the world, with Pew Research Center reporting that more than $30 billion was sent south across the border in 2017. Those figures indicate XRP is currently responsible for about $3 billion in annual remittances from the US to Mexico.

Vogel says that Bitso, a Ripple partner, has had to chisel out their place in the regulatory landscape.

“It’s been a long journey for us navigating the regulatory landscape in Mexico. We’ve played a strong hand in shaping it as well. Today, Mexico has a… comprehensive set of regulations if you want to build a crypto business in the country. I am very pleased that we’ve been able to secure meetings with folks at basically every relevant regulatory institution in Mexico or a regulatory agency in Mexico. We have always found individuals in each of those institutions that are willing to listen and who are intrigued by the technology.”

Vogel also highlights that users can easily jump in and out of crypto using Bitso’s remittance rails.

“In our case, we’re assisting in the conversion of US Dollars to Mexico Pesos where the digital asset XRP is a bridge currency. We’re processing close to 10% of the remittances from the US to Mexico through ODL.”

The exchange is now in the early stages of a similar process in Argentina, where they launched operations eight months ago. More than 100,000 Argentinians have started using Bitso, making it the largest exchange in the Latin American country.

Says Vogel,

“We believe that in Latin America you have an immediate area of opportunity for building real use cases… because trust in financial institutions is eroded, access is very limited and there’s just a very big need for these financial services and products. We really believe that a radically improved financial system is being created on top of this technology.”

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