Understanding Bitcoin from a different perspective #8
January 14/2020;
CME Group (CME) launches option trading on its Bitcoin futures contracts. The next day, Bitcoin soars about 9% in excitement. The debut of contracts on the Chicago-based exchange was a success, with volumes exceeding those of rival Bakkt on the first day of trading.
February 05/2020;
Bitcoin does not excite Warren Buffet. He dubbed it "rat poison squared" in 2018, and he'll do it again in February 2020. He claimed that "cryptocurrencies have no value." "The only thing you can do with it is sell it." I don't hold any cryptocurrency and have no intention of doing so in the future."
But that didn't stop the rest of the community .On February 5, 2020, a group of crypto pioneers, led by Tron Founder and Bittorrent CEO Justin Sun, hosted a three-hour charity dinner at the Happy Hollow Club in Omaha, Nebraska, for the 90-year-old Berkshire Hathaway legend.
They gave him a pair of Samsung Galaxy Fold Smartphones equipped with a variety of cryptocurrencies, and Sun sent Buffet his first Bitcoin during the meal.
Despite Buffet's unfavorable view on Bitcoin, there were rumblings that he might be on the verge of changing his mind. In 2020, he famously changed his mind about gold and bought a stake in one of the world's largest gold mines.
*************************************************************************************
Personally i would love buffet within the bitcoin community. I am tired of Elon musk being our biggest Celebrity influencer.
**********************************************************************************
Remember Craig Wright, the Australian crypto entrepreneur who claimed to be Satoshi Nakamoto in 2015, only to be met with skepticism and the response "uh, no you're not?" He's back, and he's not happy about it.Wright, who claims to be Bitcoin's sole inventor, now argues that the Bitcoin Core developer team is infringing on his intellectual property by altering the database. "As the single creator of Bitcoin, I own full rights to the Bitcoin registry," he stated in a blog post on February 13, 2020. People can fork my program and create their own variants. They do not, however, have the authority to alter the protocol using the underlying database."
March 06/2020;
The epidemic has struck. Covid-19 slams into our life, sending markets all across the world into a tailspin. As the world rushes into lockdown, Bitcoin does not escape, plummeting by more than 50% in less than a week. On March 12, it plummeted from about $8,000 to under $5,000 in a single day, losing 39% of its value. Investors flocked to cash as market liquidity froze. Surprisingly, Bitcoin traders immediately returned to the game — by May, the price had risen to pre-pandemic levels, supported by a large Fed stimulus package and 0% interest rates.
April 02/2020;
Mike Novogratz, CEO of crypto merchant bank Galaxy Digital, tells CNBC's Closing Bell that if Bitcoin's price doesn't double by October (from a high of $7,236.39 on 2 April) and hit $20,000 by the end of the year, he'll "hang up his spurs" and maybe abandon the currency. He claims that "this is the year of Bitcoin." He isn't alone in this. Despite the pandemic's effects, optimistic predictions are abundant this year.In June 2020, the Crypto Research Report (CRR) will release its tenth edition, which will be a huge success. It anticipated the price of Bitcoin will climb to $19,044 in 2020, $341,000 in 2025, and $397,727 in 2030, using the "equation of exchange" methodology, which forecasts a target price based on "certain assumptions regarding changes in supply and demand." In five years, you've grown 35-fold? That's something we'd be willing to consider.
April 30/2020;
Bitcoin is on a tear right now. Since the end of March, the currency has risen by 34%, approaching $9,500 on April 30 and ended the month at $8,627.32. It's blasting back up to $10,000 — but why?Well, partly because it was on a tear before the pandemic, and it's only now going back on track as investors regain confidence (and equities markets make an unexpectedly robust comeback). It also doesn't hurt that Fed Chairman Jerome Powell reaffirmed his commitment to bolstering the US economy, injecting upwards of $6 trillion in liquidity and promising more if necessary.Most Bitcoin investors are now optimistic, anticipating a price of $20,000 by the end of the year. "Bitcoin is now trading at a major inflexion point," according to experts at Stack, a Singapore-based index fund. "Significant Fibonacci retracements, 50-day moving averages, and 10-day moving averages converge on the daily chart."
May 11/2020;
To the uninitiated, halvings are generally great for the price of Bitcoin - the first one boosted it from $12 to over $1,000 in a year. The most recent, which took place on May 11 a day earlier than scheduled, lowers the payout for mining a Bitcoin block from 12.5 to 6.25 Bitcoins. It sparked a lot of market volatility, with prices jumping all over the place before bursting beyond the $10,000 threshold again on June 1.
In fact, many individuals believed it would rise to $20,000 by the end of 2020. PlanB, a crypto analyst, was one of the most bullish, predicting a price of $100,000 by 2020-24. That's what I call hope.Despite the fact that the upside was not as large (proportionally) as previous halvings, it signaled the start of a wonderful summer - with lots of exciting things happening, including the growth of new investment instruments. The second half of June saw unprecedented inflows into Bitcoin-based exchange-traded instruments, such as Grayscale's Bitcoin Trust (OTC-GBTC), the world's largest Bitcoin fund by AUM, which held 2.4 percent of the entire global BTC supply as of September 2020.
June 06/2020;
According to an article by The Intercept, the US Pentagon developed a wargame scenario called the Joint Land, Air, and Sea Strategic Special Program (JLASS) in 2018, in which disillusioned young Gen Z-ers in the twenty-first century are recruited to fight the establishment and rewarded with Bitcoin for their participation in the "Zbellion."
Long-term investors own 11.4 million BTC (about $107 billion) as of June 2020, bringing the tradeable supply down to just 20%. However, according to Chainalysis, the 3.5 million coins that are actively exchanged supply the market and hence keep the price stable."Retail traders, defined as individuals who deposit less than $10,000 worth of Bitcoin on exchanges at a time," according to the research, "appears to be the great majority, accounting for 96 percent of all transactions submitted to exchanges on an average weekly basis." "However, professional traders control the market's liquidity, accounting for 85% of all Bitcoin value transmitted to exchanges in USD."
July 21/2020;
Ethereum has surpassed Bitcoin as the network with the highest daily value settlements, thanks to a boost from the DeFi campaign. Bitcoin increases 2.50 percent as prices remain unaffected.Etherum had taken over, according to new Messari data, which meant that the dollar worth of Ether and its DeFi tokens was now higher than that of Bitcoin. While Bitcoin had been relatively flat in recent weeks, DeFi tokens on the Ethereum network had dominated the market. Other crypto currencies were beginning to appear in the market to give Bitcoin a run for its money, and the DeFi sector was gaining popularity at a rapid pace.
The good news is that US banks can now hold Bitcoin on behalf of their customers, allowing the conventional main street players to finally participate. On July 22, the Office of the Comptroller of the Currency (OCC) announced that all U.S. national chartered banks could now provide cryptocurrency custody services. It was a big event, but it wasn't fantastic news for niche platforms like Coinbase, which had been the only ones able to provide the service up until now.
For a long time, prices had been hovering around $9,000, but Bitcoin finally broke out at the end of July, with an exhilarating 11.08 percent price spike on July 27 that propelled it past $11,000.
August 06/2020;
Bitcoin, according to US Congressman Tom Emmer, will only gain stronger as we emerge from the COVID pandemic. And it appears he is correct. Bitcoin, like other "safe haven" investments, has been steadily increasing this week.It benefits from concerns that Coronavirus stimulus measures may result in high inflation. With Bitcoin being used as a hedge against inflation.
September 03/2020;
So, what went wrong? Everything was going great for the entire month of August, with the price being stable between $11,000 and $12,000, until a crash on September 3 knocked the rate back down to $9,987.86, with the day closing at $10,160. For another two weeks, it wouldn't clear $11,000.
So, what happened to devalue it by 10%? According to Coindesk, a significant increase in deposits onto exchanges suggests that some investors may be trying to dump all of their Bitcoin at once, lowering prices.
Bitcoin miners have generated over 18.5 million BTC, accounting for 88 percent of the overall limit of 21 million. However, due to ongoing halvings, it will take more than a century to reach 100 percent, with full capacity predicted in 2140.By the way, there were almost 17,000 Bitcoin millionaires as of September 2020.
October 21/2020;
Bitcoin prices have remained stable at roughly $10,500-11,000, up around 50% on the year but not enough to set the globe ablaze. Everything shifts all of a sudden.PayPal is launching a new service on October 21 that will allow its 346 million consumers to buy, hold, and sell cryptocurrencies straight from their PayPal accounts, as well as use it as a funding source for PayPal's 26 million merchants. That's a huge event, and Bitcoin immediately soars over 7% to surpass the $12,000 barrier for the first time since August, setting a new high for the year so far.
"What's grabbing the attention is PayPal's sheer size. According to Jason Deane, a cryptocurrency analyst at Quantum Economics, "This could easily go down in history as a watershed moment, the time at which bitcoin becomes truly mainstream."Former critics jump on board to bolster Bitcoin's reputation, with PayPal marking a tipping point in the market. JP Morgan commented on October 26 that Bitcoin had "considerable price upside," a significant shift from CEO Jamie Dimon's previous comments that the currency was a "fraud."
November 05/2020;
In trading today, Bitcoin reaches a high of $15,770, up over 10% from yesterday's closing, giving it a year-to-date gain of over 100% and bringing it to its record level in three years.Traders believe it's because the Federal Reserve continues to print money.The markets are desperately attempting to figure out and price in the possibilities as the US election draws closer and grows weirder. Bitcoin, on the other hand, may be in for a win in either case. "The Fed prints if there is societal unrest as a result of Trump's victory. If the election results in a blue wave and taxes rise, the dollar will decline since the Fed will continue to print more money "CoinDesk spoke with Bill Noble, the principal technical analyst at Token Metrics, a cryptocurrency research firm.
It appears that all of the bulls were correct when they predicted $20,000 by the end of 2020. Bitcoin is almost there, having reached a daily high of $19,864 on November 30 before finishing the month at $19,700.On November 20, Rick Rieder, the world's largest money manager, declared that Bitcoin was here to stay and that it may "replace gold." Inigo Fraser-Jenkins, an analyst at Alliance Bernstein, had a change of heart on November 30, informing clients that Bitcoin has a place in asset allocation.
December 16/2020
On December 16, the cryptocurrency breaks through the $20,000 barrier, hardly pausing before soaring to a new high of $21,576 — a year-over-year increase of almost 180 percent. It doesn't end there, though. The value of the currency continues to rise, reaching $24,000 on December 21 and $26,000 on December 26. We believe Jeff Dorman, Chief Investing Officer at digital asset investment behemoth Arca, summed up the situation very effectively.
He told CoinDesk, "Bitcoin has transitioned from "digital assets playground" to "mainstream global investment." "Investors now have the expertise and resources to purchase bitcoin on their own, and we're seeing it in real time, which happened far faster than we expected."However, he cautioned against fund managers jumping on the bandwagon too quickly. "Investors will soon be looking for digital asset hedge fund strategies that don't own any Bitcoin, because they want fund managers to expose them to assets they can't acquire themselves or are unaware of." As a result, actively managed hedge funds and passive indexes constructed around high Bitcoin holdings are likely to have a short shelf life."
Written by Neotrader
CME Group (CME) launches option trading on its Bitcoin futures contracts. The next day, Bitcoin soars about 9% in excitement. The debut of contracts on the Chicago-based exchange was a success, with volumes exceeding those of rival Bakkt on the first day of trading.
February 05/2020;
Bitcoin does not excite Warren Buffet. He dubbed it "rat poison squared" in 2018, and he'll do it again in February 2020. He claimed that "cryptocurrencies have no value." "The only thing you can do with it is sell it." I don't hold any cryptocurrency and have no intention of doing so in the future."
But that didn't stop the rest of the community .On February 5, 2020, a group of crypto pioneers, led by Tron Founder and Bittorrent CEO Justin Sun, hosted a three-hour charity dinner at the Happy Hollow Club in Omaha, Nebraska, for the 90-year-old Berkshire Hathaway legend.
They gave him a pair of Samsung Galaxy Fold Smartphones equipped with a variety of cryptocurrencies, and Sun sent Buffet his first Bitcoin during the meal.
Despite Buffet's unfavorable view on Bitcoin, there were rumblings that he might be on the verge of changing his mind. In 2020, he famously changed his mind about gold and bought a stake in one of the world's largest gold mines.
*************************************************************************************
Personally i would love buffet within the bitcoin community. I am tired of Elon musk being our biggest Celebrity influencer.
**********************************************************************************
Remember Craig Wright, the Australian crypto entrepreneur who claimed to be Satoshi Nakamoto in 2015, only to be met with skepticism and the response "uh, no you're not?" He's back, and he's not happy about it.Wright, who claims to be Bitcoin's sole inventor, now argues that the Bitcoin Core developer team is infringing on his intellectual property by altering the database. "As the single creator of Bitcoin, I own full rights to the Bitcoin registry," he stated in a blog post on February 13, 2020. People can fork my program and create their own variants. They do not, however, have the authority to alter the protocol using the underlying database."
March 06/2020;
The epidemic has struck. Covid-19 slams into our life, sending markets all across the world into a tailspin. As the world rushes into lockdown, Bitcoin does not escape, plummeting by more than 50% in less than a week. On March 12, it plummeted from about $8,000 to under $5,000 in a single day, losing 39% of its value. Investors flocked to cash as market liquidity froze. Surprisingly, Bitcoin traders immediately returned to the game — by May, the price had risen to pre-pandemic levels, supported by a large Fed stimulus package and 0% interest rates.
April 02/2020;
Mike Novogratz, CEO of crypto merchant bank Galaxy Digital, tells CNBC's Closing Bell that if Bitcoin's price doesn't double by October (from a high of $7,236.39 on 2 April) and hit $20,000 by the end of the year, he'll "hang up his spurs" and maybe abandon the currency. He claims that "this is the year of Bitcoin." He isn't alone in this. Despite the pandemic's effects, optimistic predictions are abundant this year.In June 2020, the Crypto Research Report (CRR) will release its tenth edition, which will be a huge success. It anticipated the price of Bitcoin will climb to $19,044 in 2020, $341,000 in 2025, and $397,727 in 2030, using the "equation of exchange" methodology, which forecasts a target price based on "certain assumptions regarding changes in supply and demand." In five years, you've grown 35-fold? That's something we'd be willing to consider.
April 30/2020;
Bitcoin is on a tear right now. Since the end of March, the currency has risen by 34%, approaching $9,500 on April 30 and ended the month at $8,627.32. It's blasting back up to $10,000 — but why?Well, partly because it was on a tear before the pandemic, and it's only now going back on track as investors regain confidence (and equities markets make an unexpectedly robust comeback). It also doesn't hurt that Fed Chairman Jerome Powell reaffirmed his commitment to bolstering the US economy, injecting upwards of $6 trillion in liquidity and promising more if necessary.Most Bitcoin investors are now optimistic, anticipating a price of $20,000 by the end of the year. "Bitcoin is now trading at a major inflexion point," according to experts at Stack, a Singapore-based index fund. "Significant Fibonacci retracements, 50-day moving averages, and 10-day moving averages converge on the daily chart."
May 11/2020;
To the uninitiated, halvings are generally great for the price of Bitcoin - the first one boosted it from $12 to over $1,000 in a year. The most recent, which took place on May 11 a day earlier than scheduled, lowers the payout for mining a Bitcoin block from 12.5 to 6.25 Bitcoins. It sparked a lot of market volatility, with prices jumping all over the place before bursting beyond the $10,000 threshold again on June 1.
In fact, many individuals believed it would rise to $20,000 by the end of 2020. PlanB, a crypto analyst, was one of the most bullish, predicting a price of $100,000 by 2020-24. That's what I call hope.Despite the fact that the upside was not as large (proportionally) as previous halvings, it signaled the start of a wonderful summer - with lots of exciting things happening, including the growth of new investment instruments. The second half of June saw unprecedented inflows into Bitcoin-based exchange-traded instruments, such as Grayscale's Bitcoin Trust (OTC-GBTC), the world's largest Bitcoin fund by AUM, which held 2.4 percent of the entire global BTC supply as of September 2020.
June 06/2020;
According to an article by The Intercept, the US Pentagon developed a wargame scenario called the Joint Land, Air, and Sea Strategic Special Program (JLASS) in 2018, in which disillusioned young Gen Z-ers in the twenty-first century are recruited to fight the establishment and rewarded with Bitcoin for their participation in the "Zbellion."
Long-term investors own 11.4 million BTC (about $107 billion) as of June 2020, bringing the tradeable supply down to just 20%. However, according to Chainalysis, the 3.5 million coins that are actively exchanged supply the market and hence keep the price stable."Retail traders, defined as individuals who deposit less than $10,000 worth of Bitcoin on exchanges at a time," according to the research, "appears to be the great majority, accounting for 96 percent of all transactions submitted to exchanges on an average weekly basis." "However, professional traders control the market's liquidity, accounting for 85% of all Bitcoin value transmitted to exchanges in USD."
July 21/2020;
Ethereum has surpassed Bitcoin as the network with the highest daily value settlements, thanks to a boost from the DeFi campaign. Bitcoin increases 2.50 percent as prices remain unaffected.Etherum had taken over, according to new Messari data, which meant that the dollar worth of Ether and its DeFi tokens was now higher than that of Bitcoin. While Bitcoin had been relatively flat in recent weeks, DeFi tokens on the Ethereum network had dominated the market. Other crypto currencies were beginning to appear in the market to give Bitcoin a run for its money, and the DeFi sector was gaining popularity at a rapid pace.
The good news is that US banks can now hold Bitcoin on behalf of their customers, allowing the conventional main street players to finally participate. On July 22, the Office of the Comptroller of the Currency (OCC) announced that all U.S. national chartered banks could now provide cryptocurrency custody services. It was a big event, but it wasn't fantastic news for niche platforms like Coinbase, which had been the only ones able to provide the service up until now.
For a long time, prices had been hovering around $9,000, but Bitcoin finally broke out at the end of July, with an exhilarating 11.08 percent price spike on July 27 that propelled it past $11,000.
August 06/2020;
Bitcoin, according to US Congressman Tom Emmer, will only gain stronger as we emerge from the COVID pandemic. And it appears he is correct. Bitcoin, like other "safe haven" investments, has been steadily increasing this week.It benefits from concerns that Coronavirus stimulus measures may result in high inflation. With Bitcoin being used as a hedge against inflation.
September 03/2020;
So, what went wrong? Everything was going great for the entire month of August, with the price being stable between $11,000 and $12,000, until a crash on September 3 knocked the rate back down to $9,987.86, with the day closing at $10,160. For another two weeks, it wouldn't clear $11,000.
So, what happened to devalue it by 10%? According to Coindesk, a significant increase in deposits onto exchanges suggests that some investors may be trying to dump all of their Bitcoin at once, lowering prices.
Bitcoin miners have generated over 18.5 million BTC, accounting for 88 percent of the overall limit of 21 million. However, due to ongoing halvings, it will take more than a century to reach 100 percent, with full capacity predicted in 2140.By the way, there were almost 17,000 Bitcoin millionaires as of September 2020.
October 21/2020;
Bitcoin prices have remained stable at roughly $10,500-11,000, up around 50% on the year but not enough to set the globe ablaze. Everything shifts all of a sudden.PayPal is launching a new service on October 21 that will allow its 346 million consumers to buy, hold, and sell cryptocurrencies straight from their PayPal accounts, as well as use it as a funding source for PayPal's 26 million merchants. That's a huge event, and Bitcoin immediately soars over 7% to surpass the $12,000 barrier for the first time since August, setting a new high for the year so far.
"What's grabbing the attention is PayPal's sheer size. According to Jason Deane, a cryptocurrency analyst at Quantum Economics, "This could easily go down in history as a watershed moment, the time at which bitcoin becomes truly mainstream."Former critics jump on board to bolster Bitcoin's reputation, with PayPal marking a tipping point in the market. JP Morgan commented on October 26 that Bitcoin had "considerable price upside," a significant shift from CEO Jamie Dimon's previous comments that the currency was a "fraud."
November 05/2020;
In trading today, Bitcoin reaches a high of $15,770, up over 10% from yesterday's closing, giving it a year-to-date gain of over 100% and bringing it to its record level in three years.Traders believe it's because the Federal Reserve continues to print money.The markets are desperately attempting to figure out and price in the possibilities as the US election draws closer and grows weirder. Bitcoin, on the other hand, may be in for a win in either case. "The Fed prints if there is societal unrest as a result of Trump's victory. If the election results in a blue wave and taxes rise, the dollar will decline since the Fed will continue to print more money "CoinDesk spoke with Bill Noble, the principal technical analyst at Token Metrics, a cryptocurrency research firm.
It appears that all of the bulls were correct when they predicted $20,000 by the end of 2020. Bitcoin is almost there, having reached a daily high of $19,864 on November 30 before finishing the month at $19,700.On November 20, Rick Rieder, the world's largest money manager, declared that Bitcoin was here to stay and that it may "replace gold." Inigo Fraser-Jenkins, an analyst at Alliance Bernstein, had a change of heart on November 30, informing clients that Bitcoin has a place in asset allocation.
December 16/2020
On December 16, the cryptocurrency breaks through the $20,000 barrier, hardly pausing before soaring to a new high of $21,576 — a year-over-year increase of almost 180 percent. It doesn't end there, though. The value of the currency continues to rise, reaching $24,000 on December 21 and $26,000 on December 26. We believe Jeff Dorman, Chief Investing Officer at digital asset investment behemoth Arca, summed up the situation very effectively.
He told CoinDesk, "Bitcoin has transitioned from "digital assets playground" to "mainstream global investment." "Investors now have the expertise and resources to purchase bitcoin on their own, and we're seeing it in real time, which happened far faster than we expected."However, he cautioned against fund managers jumping on the bandwagon too quickly. "Investors will soon be looking for digital asset hedge fund strategies that don't own any Bitcoin, because they want fund managers to expose them to assets they can't acquire themselves or are unaware of." As a result, actively managed hedge funds and passive indexes constructed around high Bitcoin holdings are likely to have a short shelf life."
Written by Neotrader
